Where your money goesAlthough it may not seem like much, $1,500 per student is enough to send them on the pathway to college. This is because need-based grants and tax credits amounting to almost $13,000 annually are enough to make higher education affordable for most students — but many families are unaware of their availability. FUEL’s primary program components — Savings Circles and Matched Savings — work in tandem both to teach families about the aid available to them and motivate them to save toward their higher-education goals.
Matched Savings:
The average gap in financial aid award packages is about $2,000 to $4,000. We ask our families to save $25 per month for college; we match this amount, for a total of $3,000 set aside for higher-education costs during the 5-year program.
Savings Circles:
These monthly meetings create a sense of community and provide a forum for families to discuss savings, plan fundraisers, and learn about higher education, finance, and other important topics. Savings Circles teach the necessary steps for families to ensure their children’s college success, leading to a sustained pattern of saving and economic self-sufficiency.
FUEL’s target population is underserved communities with low high-school graduation rates, low income, and large immigrant populations. The City of Chelsea is representative of our target population, with a four-year graduation rate of 49% — which includes 35% with limited English proficiency and 49% who are low income.
FUEL is planning an expansion into additional communities in order to help more families send their children to college. Your financial participation is more important than ever as we seek to assist as many students as possible stay on the path to a higher education.
