SEATAC, Wash./TIGARD, Ore.—A pilot program is being launched to extend The Montana Matched Education Savings Account (MESA) into credit unions in the Northwest.
MESA was established in 2005 by Montana Credit Unions for Community Development (MCUCD), the charitable arm of the Montana Credit Union Network. To date, the MESA program has helped 183 participants save $64,857—and realize another $234,598 in matched savings. Now the Northwest CU Association says it will be bringing the program to credit unions in Washington and Oregon.
The partnership was announced by Denise Gabel, COO of the Northwest Credit Union Association and executive director, Northwest Credit Union Foundation, and Karen Smith, executive director, MCUCD.
“Innovation can be accomplished by building from scratch or by importing a solution,” noted Gabel in a statement. “MESA has a proven track record helping Montana families save for higher education. By importing this program into credit unions in Oregon and Washington, they can more quickly provide this value for their members.”
“MESA is all about what credit unions do—they see the value in offering matched savings to members,” said Smith in a statement. “Having launched the program 10 years ago, we’ve gone through the growing pains and fine-tuned MESA, so Northwest credit unions piloting the program will be able to hit the ground running. It’s really a great feeling to be able to pick up this successful program and take it to other states.”
Smith will provide operational oversight for MESA’s expansion into the Northwest, including grant support and school partnerships, while the NWCUF will provide seed funding to make the MESA program a reality.
Northwest credit unions selected to pilot MESA, and the criteria for matched funds in the accounts are to be announced in the near future.