Community Foundation Promise Scholarships
Promise Scholarships are financial awards to help students pay for a college or career education after high school. Promise Scholarships are earned in grades 4 through 8 through in-school classroom achievements and regular savings. All participating students must have a 529 account and a completed Participation Agreement Form. CollegeChoice 529 accounts can be set up at your child’s school or by enrolling online. If your child already has a CollegeChoice 529 account and you would like to link it to the Promise Scholarship Program, please fill out the Existing Account Link Form. To complete the Participation Agreement form, click Sign Up Now or fill out a paper form at your child's school.
Promise Scholarships are awarded for hard work at school, college preparation activities, and regular savings. In the 4th and 6th grades, students can earn as much as $200 each year, and $210 in 8th grade. In the 5th and 7th grades, students can earn up to $110 each year. All grades include savings matches of $50 for $40 in deposits each year. That’s a total of $830 over five years. Together the Wabash County Promise (grades K-3) and Promise Scholarship Program (grades 4-8) can help students save a combined $2,000 or more by the time they finish high school.*
What is a CollegeChoice 529 Direct Savings Plan?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future post-secondary or higher education. 529 accounts offer families a tax-deferred investment with very low fees. The funds are available to be withdrawn, tax-free, for qualified education expenses such as tuition, room and borad, laptops, and books at eligible colleges, universities, and vocational schools worldwide. Graduate schools and some certification programs are also eligible.
Families can enroll in a CollegeChoice 529 account at school without making a deposit. Subsequent family and Promise Champion contributions to the 529 account can be made by check or bank transfer. Other arrangements for deposits are possible for families without checking accounts. See your school principal for details.
Promise Scholarships from the Community Foundation will be held in a protected account until the student wishes to use the scholarship for qualified education expenses. At that time, the Community Foundation will send the scholarship funds directly to the student’s college or training program. Scholarships not used for qualified educational expenses by age 26 are forfeited.
*By the time a student leaves high school, it is possible to accumulate more than $2,400. Here’s how: