FAQ for E3 Need-Based Financial Aid Program | E3 Savings - Oregon Alliance
E3 Savings, Education, Saving, College, Financial Aid, student support,
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FAQ

Is this a scam?

E3 is part of a nationwide asset-building strategy and is funded by federal and institutional resources. The 1998 Assets for Independence Act funded IDAs nationwide. E3’s predecessor, the Matched College Savings Program (MCSP) is well-recognized for its success.

If I’m considering more than one participating school, do I submit just one application?

Once you are determined eligible for E3, you must check with the instituitions you are interested in to see if they have availability. Please note that Warner Pacific College, Corban University, and Pacific University have the most availability because of their institutional investment in E3.

Is E3 good through my 4 years of college?

You must reapply and qualify each year you wish to enroll in E3. Note that reenrollment also depends on continued funding availability, which varies by institution.

What if I’m unemployed, but know I will find a job soon?

You may still submit an application, though you will not be eligible until you can show us proof of income. If you were just hired, a letter from your employer that includes the following information will suffice: date of hire, average hours per week, rate and frequency of pay.

What if I earn income from odd jobs, such as babysitting or mowing lawns during the summer? Does that count as earned income?

Yes! All we need from you is a signed statement that includes the following information: the nature and frequency of work, and the rate and frequency of pay.

How does the match work?

For every $1 of personal savings, participants accrue $8 through E3 funds.

How much money can I deposit in my savings account?

Participants may deposit up to $500 per enrollment year. The frequency and amount of deposits will vary by participant, and will be outlined in the participant’s personalized Savings Plan Agreement. You get to choose the deposit frequency and amount that fits into your household budget.

Do I have to deposit the same amount each month?

No, you are not required to deposit the same amount each month. In fact, you might not deposit on a monthly basis if you choose to make lump sum deposits. However, participants must make sure they are following the plan indicated in the Savings Plan Agreement.

How can E3 funds be used?

Your savings and match may only be used for tuition and approved educational related expenses, and are paid to your participating Alliance member institution.

Do I have to pay taxes on my savings account?

You may need to report interest you earn from your savings. Keep in mind that the financial institution will report the interest you earned.

How does E3 impact my financial aid?

Everyone’s financial aid award is different and so it is important that you talk to your financial aid officer if you have any questions. If it does impact your financial aid, it is likely to lower the amount of loans that you would receive, but will not reduce your Pell Grant or other entitlement grants. Please talk to your financial aid officer for more information about your individual case.

If my income goes up, will I be disqualified from the program?

If your income goes up after you’ve already enrolled in the program, you will not be disqualified. However, if you reapply to participate in E3 for an additional year, and this income increase places you over eligibility limits, this will affect your participation.

So, who really controls the money I deposit?

You do. E3 cannot refuse to sign a withdrawal request. However, E3 does decide if your withdrawal is unauthorized, an official emergency withdrawal, or a withdrawal for your savings goal. E3’s decision will affect whether you can receive match funds.

Do I have to go to a designated financial institution to do my banking with E3?

You must open your E3 IDA account with Beneficial State Bank. Conveniently, this account will be primarily managed online. You will also have the option of making deposits at designated ATMs.

How does the money get withdrawn?

Once you have reached your savings goal ($500), your institution will communicate with E3 to access your IDA funds and apply them towards your student account.