Dear Opportunity Fund Friends and Supporters,
To our surprise and dismay, the budget agreement that was reached by Congress to keep the government running through September zeroed out all funding for the Assets for Independence program, or AFI. Additionally, the appropriations bill currently up for debate in the House also excludes any funding for the program. For many years, AFI has supplied critical funding for our College Savers program by providing $1 of the $2 match for every $1 our clients save each month.
This is a devastating blow for our program, since College Savers was deliberately designed to rely on steady AFI funding for matching funds. Without AFI funding, we do not see a path forward to operate the program at a viable scale. Opportunity Fund’s board and senior management have therefore made the decision to conclude new enrollment in College Savers, and focus on fulfilling our commitments to our portfolio of 500+ active savers. This decision does not preclude future work on educational financial products by Opportunity Fund, but with all the other transitions we are putting those on hold for now.
This is a very hard and very emotional decision, because the program has done so much good for so many people over the years. The College Savers program will remain active until at least December 2018, as we provide ongoing case and account management to our active savers.
We are so grateful for the support that many have provided over the years for Opportunity Fund’s savings program. We are proud at what we have built together, and prouder still of the thousands of students for whom College Savers was a critical stepping stone on their path to a brighter future. If you have questions about College Savers, please do not hesitate to reach out to a Opportunity Fund staff member.
I am afraid this is another hard example of the fact that elections have real consequences. Unfortunately, our clients are the ones who are hit the hardest.
With a Heavy Heart,
Eric Weaver, CEO & Founder