Earn to Learn Act

Summary

Earn to Learn Act This bill directs the Department of Education (ED) to establish a college matched-savings demonstration grant program, through which ED must award competitive grants to states and nonprofit organizations to provide certain low-income students with educational savings accounts (e.g., 529 plans). Further, ED must (1) develop and make available to grant recipients certain tools, including a training platform, a program guide, an online data portal, and certain trainings (e.g., on college readiness); (2) ensure that participation in the grant program does not affect student eligibility for Federal Pell Grants; and (3) provide technical assistance. Grant recipients must use funds to (1) select eligible students to participate in the grant program, (2) provide selected students with financial literacy education, (3) establish an educational savings account for each participating student and allow such students and their families to deposit funds in their account to save for attendance at an institution of higher education or an area career and technical education school, and (4) reserve matching funds for participating students. Additionally, grant recipients must ensure that participating students are entitled to withdraw funds from their accounts under certain circumstances.

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Timeline

1. 12 March 2020

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 12 March 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 March 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 March 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 March 2020

  Open at official source

Sponsors

• Kyrsten Sinema · D · Sponsor
• Sen. Romney, Mitt [R-UT] · R · Sponsor
• · sshr00 · Standing

Related records

• related to → Earn to Learn Act