Mississippi State University recently announced a partnership with health care nonprofit Delta Health Alliance geared to provide funding and financial education to 400 low-income students.
The partnership will provide up to $1.15 million to assist low-income students through the DREAMS Saving Grant. MSU will contribute $575,000 to match the same amount provided through Delta Health Alliance grant funds.
Students - selected by using FAFSA data - will receive the assistance over three years and will be guided through the process of opening a savings account for educational expenses.
Once the savings account is set up, both entities will provide $4 in grant funds for every dollar deposited into the account. Students will receive up to $2,500 in grant funds to help with educational expenses.
The financial education efforts will be led by MSU Financial Literacy Coordinator John Daniels, who initiated the partnership.
“The process of having a savings account and making regular savings deposits will be part of this learning process,” Daniels said in a press release. “Another aspect will be a two-hour financial literacy seminar they will all participate in. We’ll discuss budgeting, why saving money is important, understanding interest and loans – and various ways to pay for school.”
The partnership represents the third savings grant program to started by MSU's Office of Student Financial Aid in the last two years. MSU said the grants combined total $2.7 million over five years and assist 1,000 low-income students.