H.R. 4222 · 114th Congress
Higher Education Savings Accounts Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CarneySponsorNo cosponsors.
This bill requires the Department of Education (ED) to carry out a pilot program under which tax-exempt savings accounts (to be known as higher education pledge accounts) are established for the benefit of 9th and 10th grade students who are eligible to receive free or reduced price lunches under the Richard B. Russell National School Lunch Act.
What it does: CRS summary · Introduced in House · Dec 10, 2015
Higher Education Savings Accounts Act of 2015
This bill requires the Department of Education (ED) to carry out a pilot program under which tax-exempt savings accounts (to be known as higher education pledge accounts) are established for the benefit of 9th and 10th grade students who are eligible to receive free or reduced price lunches under the Richard B. Russell National School Lunch Act.
ED: (1) shall deposit into each account for a selected student an initial amount equal to the amount of the maximum federal Pell Grant for the award year, and (2) may make additional deposits of such amount based on the student's academic progress.
A student may use funds from such account only to pay the cost of attendance at a qualified institution. Any contribution to or distribution from such account shall not be includible in gross income. The amount of any Pell Grant awarded to a student attending a qualified institution shall be reduced by the amount in such student's account.
ED shall: (1) monitor the academic progress of each student for whose benefit an account is maintained; and (2) ensure that each such student receives at least 12 hours of financial counseling on the rules pertaining to deposits, distributions, and the tax treatment of funds in the account and on sources of federal financial assistance for higher education.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Higher Education Savings Accounts Act of 2015
Latest action (Mar 23, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Dec 10, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.