Us Congress House Bill HB5645

Us Congress 2023-2024 Regular Session

• Introduced: 9/21/23
• Refer: 9/21/23

Caption

Earn to Learn Act

Impact

The legislation proposes to help students set up postsecondary education match savings accounts, facilitating a system in which contributions made by students and their families will be matched significantly by eligible entities. This will allow participants to better prepare for the costs of higher education and mitigate the risk of accumulating excessive debt. The bill also highlights the importance of financial literacy, as it will provide training programs aimed at enhancing students' financial capabilities and preparing them for responsible financial decision-making in the future.

Summary

House Bill 5645, titled the 'Earn to Learn Act', aims to establish a matched savings program designed specifically for low-income students pursuing postsecondary education. This initiative is in direct response to the escalating costs of higher education, which have been outpacing available financial aid. The bill seeks to tackle the financial burdens of student loans, which currently total over $1.7 trillion in the United States, creating significant obstacles for potential students, particularly from low-income families. The bill emphasizes creating opportunities for these students to attain their educational goals without incurring overwhelming debt.

Contention

While the bill has been presented as a means of empowering low-income students, debates may arise concerning the sufficiency of measures to ensure inclusivity and access to eligible educational institutions. There may be concerns regarding the program's ability to address the broad spectrum of barriers faced by low-income students beyond just financial constraints, including systemic issues present in educational access. Additionally, there may be discussion surrounding the criteria for eligibility and oversight of the financial literacy and success coaching components that are supposed to accompany the matched savings program.