WASHINGTON–The National Credit Union Foundation is now accepting applications for the Foster Youth Education grants.
“Join us in addressing a critical issue: the financial education needs of over 400,000 children and youth in foster care,” the Foundation said. “They face unique challenges, including a higher risk of identity fraud. But it doesn't stop there. Studies show lower rates of higher education enrollment and limited access to support systems among foster youth. Ready to make a difference? Let's empower these vulnerable individuals with the knowledge and tools to navigate their financial futures successfully. Our grant funding opportunity is here to help!”
Open to CUs of Any Size
The NCUF said it is offering $173,000 to credit unions of any size to establish programs supporting foster youth with basic financial education in budgeting, credit, and banking solutions.
“Eligible credit unions will have the ability to open savings accounts and checking accounts for this demographic while also providing timely financial education and well-being information for youth in preparation for aging out of the foster care system,” the foundation said.
The Objectives
The NCUF added the objective with the funding is to achieve the following effects:
- If youth in foster care receive training on basic financial education skills, will this improve their financial health and resilience at the time of aging out of the system (e.g. – habit of savings, an account, access to affordable credit)?
- If youth in foster care are provided with the ability to open savings accounts, will this encourage savings behaviors and provide this demographic with a financial safety net once they turn 18?
- What impact does improving financial health in this demographic have on other economic barriers such as housing and access to education?
- What planning resources/advice is needed to help participating institutions take concrete action and have an effect on this at-risk population?
Requirements & Deadlines
The Foundation said it is looking for credit unions of any asset size that are willing to stand up programming and products to serve this demographic. Once applications are received, assessed, and approved, the Foundation will divide available funding amongst qualified participants.
The grant effort will run through September 2025. The deadline for applications is close of business August 20
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