Montana Education Saving Account

Matched Education Savings Account (MESA) program

A Matched Education Savings Account, also known as an “Individual Development Account” or IDA, is a savings account for people with low to moderate incomes.  The MESA is an account to help students establish a pattern of regular saving and learn financial tools to help reach educational goals.  Funding for the MESA is limited and is provided by Student Assistance Foundation, UM Financial Aid, and Federal funds.  There are three credit unions in Missoula participating in the MESA program including:  Missoula Federal Credit Union, Gateway Community Federal Credit Union, and Montana 1st Credit Union. 

The UM MESA Program will offer a 3:1 savings match, meaning that for every dollar a student saves as part of the program, they will be eligible to receive another three dollars.  So, if a student saves $500 throughout the course of the program and meets all the requirements, they will be eligible for $1,500 to purchase an agreed upon asset (books, tuition, fees).  The maximum match that the student will be eligible to receive is $1,500. 

The main goal of the program is to provide each student with a set of tools that will enable them to make well-informed choices and continue building their assets long after the program ends.  Financial education is provided to help participants acquire or review personal and financial skills that are essential for long term success, including skills like budgeting/spending plans, checking and savings accounts, understanding credit and credit reports, and avoiding fringe banking services and predatory lending.  Financial education training is a mandatory part of the program. 
In order to be a part of the UM MESA Program the student must have:

1. Annual household income at or below 200% of Federal Poverty levels or income at or below the Earned Income Tax Credit threshold. 
2. Do not have a household net worth exceeding $10,000.  (In determining net worth, the primary home and vehicle will be excluded.)
3. Must have earned income.
4. Montana resident enrolled at the University of Montana.
5. Must be an undergraduate student working on 1st degree.

UM MESA is a project of the University of Montana, Student Assistance Foundation, Missoula area credit unions, Montana Credit Unions for Community Development, and US Department of Health and Human Services through the Assets for Independence program.  To apply for the MESA program, complete the University of Montana MESA application.  For more assistance, please contact:  Student Assistance Foundation, Nolan Glueckert 406-243-5426.