PARA ESPAÑOL HAGA CLIC AQUÍ

What are Scholar Dollars?

Scholar Dollars is money donated to the El Monte Promise Foundation for families who are saving for college through the Scholars Savings Program. The goal of the Scholar Dollars is to offer an incentive and encourage families with young children (ages 3 - 10) to set up a college savings to save for their children's future.

 

The Utah Educational Savings Plan is not responsible to offer or provide the Scholar Dollars. Scholar Dollars are strictly offered from the El Monte Promise Foundation through the Scholars Savings Program.

Are there opportunities to get Scholar Dollars?

 

From time to time the Scholars Savings Program offers promotions available to all families who have a Scholars Savings Account.

 

To learn more about promotions for the Scholars Savings Program please visit our promotions page.

How do Scholar Dollars work?

When a family opens a Scholars Savings Account for a child, the child may be eligible to earn Scholar Dollars if the child is in a certain grade level and attends a specific set of schools.

 

Scholar Dollars offered to a child's Scholars Savings Account is not money that is deposited directly into the child's account, but instead it is money set aside from the El Monte Promise Foundation for the child's account. Once a child graduates from a high school in El Monte Union High School District, the Scholar Dollars shall be offered to the child.

Why are Scholar Dollars only offered at certain schools?

The Scholars Savings Program is expanding each year.

 

The El Monte Promise Foundation is committed to raise funds to support and expand the Scholars Savings Program. Each year the El Monte Promise Foundation holds fundraisers throughout the year to provide enough funding and secure the Scholar Dollars needed to support all eligible students at a school.

 

The goal is to offer the Scholar Dollars throughout the schools of Mountain View School District and El Monte City School District.

SCHOLAR DOLLAR INCENTIVE STRUCTURE

FIGURE 1 and FIGURE 2 detail below how the Scholar Dollars work for qualifying Scholar Savings Accounts.

The Scholars Savings Program incentive structure for qualifying children.

FIGURE 1 - Scholars Savings Program TIER ONE Incentive Structure

TIER ONE

of Scholars Savings Program

When you set up a Scholars Savings Account for your child, if your child attends any of the schools listed in TABLE 1 (found below), and the child is within kindergarten through fourth grade - your child will qualify the Scholar Dollars shown in FIGURE 1 and FIGURE 2.

 

The Scholar Dollar benefits offered during TIER ONE shall last until the child completes the fourth grade.

 

Children who qualify for the Scholar Dollars and enroll within

  • kindergarten through second grade shall qualify to earn $2 Scholar Dollars for each monthly deposit (starting in first grade for kindergarten students)
  • third grade shall earn $3 Scholar Dollars per monthly deposit
  • fourth grade shall earn $6 Scholar Dollars per monthly deposit

 

Say for example, you enroll a child in Scholars Savings Program who is in one of the schools listed in TABLE 1, and the child is in third grade; what this means is:

  • Each month you make a deposit on the third grade child's account, El Monte Promise Foundation will set aside $3 Scholar Dollars for the child's Scholars Savings Account.
  • You can deposit $1, $26, $184, or $1000 in a given month, the amount does not matter. As long as you deposit something within a given month your third grade child will earn the $3 Scholar Dollars.
  • Pretend money is tight in a given month, and you are not able to make a deposit into the child's account for that month. The $3 Scholar Dollars will not be offered for the month, but you can still earn the Scholar Dollars for future months.
  • The third grade child in this example will qualify for the $3 Scholar Dollars each month you make a deposit until the child completes the fourth grade and will transition into TIER TWO of the program.
The Scholars Savings Program incentive structure for qualifying children.

FIGURE 1 - Scholars Savings Program TIER TWO Incentive Structure

TIER TWO

of Scholars Savings Program

Children who qualified to earn Scholar Dollars during TIER ONE of the Scholars Savings Program transition into TIER TWO of the program.

 

The Scholar Dollar benefits offered during TIER TWO shall from the fifth grade until the ninth grade.

 

Families who have children in TIER TWO of the Scholars Savings Program do not have to do anything different to take advantage of the Scholar Dollars offered in this portion of the program.

 

The savings in the qualifying child's Scholars Savings Account plus any earned Scholar Dollars shall earn a 7% annual rate of return of Scholar Dollars. The annual rate of return applies on a combined maximum of $400 (from your savings + any Scholar Dollars) and any monthly deposit of a maximum of $10 made on the child's account.

 

If for example the third grade child in TIER ONE transitions into TIER TWO, what this means is:

  • By TIER TWO the third grade child will be a fifth grader, and let's pretend you saved $900.
  • Although the child earned Scholar Dollars during TIER ONE, the child's savings easily meets the $400 maximum to take full advantage of the Scholar Dollars offered during TIER TWO.
  • Each month the 7% Annual Rate of Return (0.583% monthly) is compounded monthly on top of any additional $10 monthly deposits you make on the account.
  • The account earns Scholar Dollars in the form of interest until your child reaches the ninth grade.
  • After the TIER TWO benefits end, you can continue saving for your child's education with the Scholars Savings Account.
  • If your child graduates from a high school within El Monte Union High School District and enrolls in a post-secondary education program or institution, she will be granted the Scholar Dollars she has earned throughout the lifespan of the Scholars Savings Program.

SCHOLAR DOLLAR INCENTIVE STRUCTURE

FIGURE 1 and FIGURE 2 detail below how the Scholar Dollars work for qualifying Scholar Savings Accounts.

The Scholars Savings Program incentive structure for qualifying children.

FIGURE 1 - Scholars Savings Program TIER ONE Incentive Structure

TIER ONE

of Scholars Savings Program

When you set up a Scholars Savings Account for your child, if your child attends any of the schools listed in TABLE 1 (found below), and the child is within kindergarten through fourth grade - your child will qualify the Scholar Dollars shown in FIGURE 1 and FIGURE 2.

 

The Scholar Dollar benefits offered during TIER ONE shall last until the child completes the fourth grade.

 

Children who qualify for the Scholar Dollars and enroll within

  • kindergarten through second grade shall qualify to earn $2 Scholar Dollars for each monthly deposit (starting in first grade for kindergarten students)
  • third grade shall earn $3 Scholar Dollars per monthly deposit
  • fourth grade shall earn $6 Scholar Dollars per monthly deposit

 

Say for example, you enroll a child in Scholars Savings Program who is in one of the schools listed in TABLE 1, and the child is in third grade; what this means is:

  • Each month you make a deposit on the third grade child's account, El Monte Promise Foundation will set aside $3 Scholar Dollars for the child's Scholars Savings Account.
  • You can deposit $1, $26, $184, or $1000 in a given month, the amount does not matter. As long as you deposit something within a given month your third grade child will earn the $3 Scholar Dollars.
  • Pretend money is tight in a given month, and you are not able to make a deposit into the child's account for that month. The $3 Scholar Dollars will not be offered for the month, but you can still earn the Scholar Dollars for future months.
  • The third grade child in this example will qualify for the $3 Scholar Dollars each month you make a deposit until the child completes the fourth grade and will transition into TIER TWO of the program.
The Scholars Savings Program incentive structure for qualifying children.

FIGURE 1 - Scholars Savings Program TIER TWO Incentive Structure

TIER TWO

of Scholars Savings Program

Children who qualified to earn Scholar Dollars during TIER ONE of the Scholars Savings Program transition into TIER TWO of the program.

 

The Scholar Dollar benefits offered during TIER TWO shall from the fifth grade until the ninth grade.

 

Families who have children in TIER TWO of the Scholars Savings Program do not have to do anything different to take advantage of the Scholar Dollars offered in this portion of the program.

 

The savings in the qualifying child's Scholars Savings Account plus any earned Scholar Dollars shall earn a 7% annual rate of return of Scholar Dollars. The annual rate of return applies on a combined maximum of $400 (from your savings + any Scholar Dollars) and any monthly deposit of a maximum of $10 made on the child's account.

 

If for example the third grade child in TIER ONE transitions into TIER TWO, what this means is:

  • By TIER TWO the third grade child will be a fifth grader, and let's pretend you saved $900.
  • Although the child earned Scholar Dollars during TIER ONE, the child's savings easily meets the $400 maximum to take full advantage of the Scholar Dollars offered during TIER TWO.
  • Each month the 7% Annual Rate of Return (0.583% monthly) is compounded monthly on top of any additional $10 monthly deposits you make on the account.
  • The account earns Scholar Dollars in the form of interest on your child's account until she reaches the ninth grade.
  • After the TIER TWO benefits end, you can continue saving for your child's education.

TERMS AND CONDITIONS FOR

SCHOLARS SAVINGS PROGRAM:

SCHOLAR DOLLARS

Rev. 4/29/2016

 

IN THIS AGREEMENT

This agreement between El Monte Promise Foundation, henceforth referred to as the Agency, and the Scholars Savings Program (SSP) participant listed at the bottom of this agreement, henceforth the Participant, details the responsibilities of both parties. Both Parties understand that participation in this program is voluntary and involves opening a special college savings account for the benefit of the Participant’s child (or another eligible beneficiary), henceforth the Beneficiary.

 

FIGURE 1 and TABLE 3 detail the program benefits that apply for those who attend one of the listed schools in TABLE 1, as outlined in section 2 and 3 of Responsibilities of the Agency for Tier One and Tier Two respectively. Please read this section carefully and keep in mind the suggested amounts listed in TABLE 3 are recommendations to maximize the benefits offered by the Scholars Savings Program.

 

Savings Plan (Tier One) +

In Tier One, every monthly contribution will earn a fixed amount of Scholar Dollars for a designated amount of time outlined in FIGURE 1. Scholar Dollars will not be offered in months where no contribution is made by the Participant.

 

The fixed amount of Scholar Dollars does not depend on how much is contributed to the Beneficiary’s account. A contribution in any amount during the calendar month will earn the Beneficiary the Scholar Dollar amount offered to the Beneficiary as listed in FIGURE 1.

 

Scholar Dollars for a specific month is missed only if no contributions are made during that month. The Agency encourages you (the Participant) to make a contribution every month regardless of the amount as it is an important lesson in financial management for every child.

 
Savings Plan (Tier Two) +

Beneficiaries who qualified to receive benefits as part of the Tier One Savings Plan whether as part of the Kindergarten Program, or the entirety of Tier One shall qualify for the Tier Two Savings Plan once the Beneficiary is already in the fifth grade. Qualifying accounts for Tier Two as outlined in Section 3 of Responsibilities of the Agency shall receive benefits from Tier Two until the Beneficiary completes the ninth grade.

 

The Savings Plan for Tier Two will automatically begin, and the Participant will remain in Tier Two until completing the program. The Participant is still expected to make a monthly contribution to the Beneficiary’s account.

Other than continuing to save every month, the Participant does not need to take any additional action.

 

Important Note: In Tier Two, the starting balance in TABLE 3 reflects the total value of the account at the end of Tier One granted the Participant followed the recommendations outlined in FIGURE 1.

 

Participants, who made regular contributions in their accounts in Tier One, will have already saved the recommended starting balance amount. Others, who may have saved less than the recommended amount can make a catchup contribution, or simply start the Tier Two Savings Plan with a smaller starting balance. However, unlike Tier One, smaller contributions will impact the total Scholar Dollars one can earn in Tier Two.

 

Also important to note, Scholar Dollars offered in Tier Two are based on an annual rate of return. Scholar Dollars during Tier Two are calculated on an adjusted account running balance using the starting balance of up to $400 plus ongoing monthly contributions of no more than $10/month as indicated in TABLE 3.

In Tier Two, contributions higher than the amounts listed in TABLE 3 will not earn additional Scholar Dollars, while smaller contributions will result in smaller earnings from Scholar Dollars.