S.2194 - American Dream Accounts Act of 2012

A bill to award grants in order to establish longitudinal personal college readiness and savings online platforms for low-income students. view all titles (2)

All Bill Titles

  • Official: A bill to award grants in order to establish longitudinal personal college readiness and savings online platforms for low-income students. as introduced.
  • Short: American Dream Accounts Act of 2012 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/15/12
 
 
 
 
 
 
 

Official Summary

American Dream Accounts Act of 2012 - Authorizes the Secretary of Education to award competitive grants to eligible entities so each can establish and administer American Dream Accounts for a group of at least 30 low-income public school students who, at the time the entities apply for a gr

Official Summary

American Dream Accounts Act of 2012 - Authorizes the Secretary of Education to award competitive grants to eligible entities so each can establish and administer American Dream Accounts for a group of at least 30 low-income public school students who, at the time the entities apply for a grant, are attending a grade no higher than ninth grade. Lists as eligible entities:
(1) state educational agencies,
(2) local educational agencies,
(3) charter schools,
(4) institutions of higher education (IHEs),
(5) nonprofit organizations,
(6) entities experienced in educational savings or assisting low-income students attain higher education, and
(7) consortia of two or more of these entities. Describes an American Dream Account as a personal online account for low-income students that monitors their progress toward higher education and includes a college savings account that provides some tax-preferred accumulation. Requires American Dream Accounts to provide students with opportunities, either online or in person, to:
(1) attain financial literacy;
(2) learn about preparing for enrollment in an IHE; and
(3) identify their skills or interests, including career interests. Requires grantees, subject to federal privacy laws and regulations, to allow vested stakeholders to have secure Internet access to an American Dream Account, but not the college savings account portion of that Account. Prohibits grantees from using their grant to provide the initial deposit into the college savings account portion of a student's American Dream Account. Prohibits the funds in those college savings accounts from being considered in making federal student financial aid determinations.

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Organizations Opposing S.2194

  • Tea Party Patriots




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