American RadioWorks |
President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)

Goodbye, College Ratings (For Now)

The Obama administration recently declared that it would no longer pursue a college ratings system based on accessibility, affordability and student success. And college presidents everywhere breathed a sigh of relief.

Recent Posts

  • 07.23.15

    Sweet Briar Returns

    Sweet Briar College was about to close after struggling with dwindling enrollment and other problems. An alumni group raised more than 20 million dollars in pledges to keep the doors open, but the school's survival is still deeply in doubt.
  • 07.15.15

    The Future of Historically Black Colleges

    Historically Black Colleges and Universities proliferated throughout the late 19th and early 20th centuries, when many white schools refused to admit African Americans, especially in the South. Our guest this week feels HBCUs still serve a crucial role in higher education.
  • 07.07.15

    Talking About Race in Schools

    Over the past year, race relations have dominated the news cycle. This can bring up difficult questions, especially for parents and teachers. Our guest Yolanda Moses says Americans need to find more ways to talk about race in schools.
  • 07.02.15

    Minorities and Special Ed

    For years policy makers believed that minorities were overrepresented in special education and that there was inherent bias in the way kids were being identified as disabled. A new study turns this idea on its head.


in collaboration with Spotlight on Poverty and Opportunity

Allow people on government assistance to build assets

File under: personalfinance

5 (2 votes)

From: Jo Ann T., St. Paul, MN

Many who are experiencing poverty are excluded from being able to build assets, such as savings accounts, vehicles, burial plots, life insurance policies, stocks and bonds. Those who rely on government assistance in the form of medical assistance, Temporary Assistance for Needy Families (TANF), Minnesota Family Investment Program (MFIP), food stamps, Social Security or Social Security Disability Insurance (SSDI) are not allowed to build any type of nest egg for themselves. If a participant in any of these programs has an asset over the amount allowed, they must first "spend it down," in other words, sell it and live off the money before they can become eligible for the program.

I train low-income community members in becoming leaders in the community, so that they can become change agents in the area of poverty. In a recent class that I was teaching, we discussed building a small nest egg while on Social Security Disability. My students' idea was to allow people to save two times their monthly grant per year. So someone who receives $500 per month could save up to $1000 per year. They could continue to build on this each year, but never exceed more than an additional $1000 per year. My students said the would use these savings to make car repairs or even pay their utility bills after a cold winter.


Comments:

American RadioWorks |
President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)President Barack Obama delivers remarks at Henninger High School in Syracuse, New York, during the college affordability bus tour, Aug. 22, 2013. (Official White House Photo by Chuck Kennedy)

Goodbye, College Ratings (For Now)

The Obama administration recently declared that it would no longer pursue a college ratings system based on accessibility, affordability and student success. And college presidents everywhere breathed a sigh of relief.

Recent Posts

  • 07.23.15

    Sweet Briar Returns

    Sweet Briar College was about to close after struggling with dwindling enrollment and other problems. An alumni group raised more than 20 million dollars in pledges to keep the doors open, but the school's survival is still deeply in doubt.
  • 07.15.15

    The Future of Historically Black Colleges

    Historically Black Colleges and Universities proliferated throughout the late 19th and early 20th centuries, when many white schools refused to admit African Americans, especially in the South. Our guest this week feels HBCUs still serve a crucial role in higher education.
  • 07.07.15

    Talking About Race in Schools

    Over the past year, race relations have dominated the news cycle. This can bring up difficult questions, especially for parents and teachers. Our guest Yolanda Moses says Americans need to find more ways to talk about race in schools.
  • 07.02.15

    Minorities and Special Ed

    For years policy makers believed that minorities were overrepresented in special education and that there was inherent bias in the way kids were being identified as disabled. A new study turns this idea on its head.