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ANSWERS TO COMMON QUESTIONS ABOUT THE YIDA PROGRAM
What is the YIDA PROGAM?
The Cherokee Nation Youth Individual Development Account (YIDA) Program has been designed to help Native American youth save money for education expenses. For every $1 you save, Cherokee Nation YIDA will match it with $2.
How does the program work?
First you open a special type of savings account (an “YIDA Account”), with the designated Cherokee Nation Banking facility.
You must deposit $20 every month for 24 months (your total savings will be $480 plus interest).
Cherokee Nation YIDA will match your savings $2 for every $1 you save.
You must attend eight (8) hours of economic literacy classes in the first year of the program.
You must attend a Career Counseling Workshop or College Readiness Workshop in the second year of the program.
What can I use my savings and match for?
Education: Your YIDA savings and matching funds can be used for education. This includes vocational and technical, community college, 4-yr. College or university, and training to obtain a professional certificate or license. It can also be used to purchase items deemed necessary in order to help you be successful in school such as a computer, books, supplies, etc.
Who is eligible for the program ?
If your family's income is within the program guidelines, you are a Native American living within the Cherokee Nation's 14 county jurisdiction, and are between the ages of 14 and 17 years of age, your are eligible to apply.
INCOME GUIDELINES WILL INCREASE FEBRUARY 2007
| Family size Gross annual income |
1 |
$19,600 |
2 |
$26,400 |
3 |
$33,200 |
4 |
$40,000 |
5 |
$46,800 |
6 |
$53,600 |
7 |
$60,400 |
For each additional family member |
$6,800 |
How long will this program last?
The program will last twenty-four months (24), or you may choose to withdraw from the program at any time. (If you choose to withdraw before the twenty-four months are up, you will not receive matching funds).
Can I take money out any time?
Yes. You always have complete control over your savings. However if you withdraw savings for an unapproved reason, you will not receive matching funds, and you lose eligibility for continued participation in the program.
Can I take funds out for emergencies?
Yes, a limited amount may be withdrawn for emergencies. But, if you withdraw the entire balance you may loose eligibility for continued participation in the program.
How will my YIDA account be managed?
Your account will be held at the Cherokee Nation designated banking facility. You will be able to make deposits at any bank branch and you will receive monthly statements regarding your savings and matching funds.
How long do I have to save before making an approved purchase?
Twenty-four months, the full term of the program.
How many classes are mandatory to stay in the program?
Everyone must attend a two-hour orientation class prior to opening your account, Economic Literacy courses will be available every month, and participants must attend a minimum of eight hours in the first twelve months of savings. During the second twelve-month savings cycle, participants will be required to attend career counseling and/or college readiness workshops. Each participant will also be required to participate in forty (40) hours of Volunteer Community Service. These services may be performed at the Cherokee Nation Tribal Complex, Cherokee Nation field offices, local church groups or community service organizations.
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