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Bank of Education , Guaranteed Education Account

Bank Of Education is for education financial issues.

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Who is the target audience for your idea and how does it reimagine the cost of college?

Young Students , Families who has children and Relatives. Financial solution is provided by saving money with combination of donations.

Time passes quickly, look on children growing up in no time. You can guaranty your child's educational future with Guaranteed Education Accounts with Bank of Education. Guaranteed Education Account is also  supported with Donation Pool Account. Money at Donation pool distributed to  Guaranteed Education Accounts with equally distribution method.

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From the birth of your child or anytime, you can be able to open Guaranteed Education Account and start saving money  for your child’s future  to afford  college tuitions in the future etc.

When you open Guaranteed Education account,  you can select your minimum monthly payment and start saving money get your portion from the Donation Pool at the end of every month.You are also allowed to deposit money to the account anytime.

How does donation pool works? Every end of the month  saved money on donation pool  will be divided into a number of Guaranteed Education Accounts so the result will be deposited all guaranteed education accounts and all accounts will be deposited maximum 50 dollars from the donation pool. Donation pool closes with balance 0.00 dollars or with  money remaining because of 50 dollars maximum rule for each account every end of the month. You can only benefit from donation pool if you are spending money  for your educational purpose.

Donation pool will also help students  who can’t  afford college fee and students who bring to the bank a “can’t afford proof”. Can’t afford proof  will be based on  making income test to the family.

Guaranteed Education Account should be open minimum 10 years in order to benefit from donation pool. If the account holder wants the money back and close the account 9th year, all money you saved from the donation pool will return back to the pool. You can only have your base money back.Resources to support pool can be government, individuals or etc. 

For example, If family deposits every month 100 dollars to the account gets 50 dollars donate  at maximum for 15 years savings, the total saved money will be about 27000 dollars after 15 years. 

Bank of Education will also offer Guaranteed Future Insurance which will help to assure child’s future in case of family loss. This will have also month payment options by selecting how many years you want to assure. This depends on family decision. 

Bank of Education is not a real bank, It is just an idea on  Idea phase for OpenIDEO challenge. I try to summarize the how Bank of Education will work. This idea is open to being improved. Given numbers may change. 

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

financial skills, banking, insurance

This idea emerged from

  • An Individual

Are you interested in the Path to Pitching track we've developed for this challenge?

  • Yes


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