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Earn to Learn Act
12/15/2023, 4:09 PM
Summary of Bill S 2877
Under the Earn to Learn Act, eligible students would have the opportunity to earn money through part-time work or internships while also receiving financial aid for their education expenses. This would allow students to gain valuable work experience while also helping to offset the costs of their education.
The bill also includes provisions for mentorship programs and career counseling services to help students make informed decisions about their future career paths. Additionally, the Earn to Learn Act aims to increase access to higher education for underrepresented groups, such as minorities and first-generation college students. Overall, the Earn to Learn Act seeks to address the financial barriers that many low-income students face when pursuing higher education. By providing opportunities for students to earn money while studying, as well as access to support services, this bill aims to increase college completion rates and improve economic mobility for disadvantaged individuals.
Congressional Summary of S 2877
Earn to Learn Act
This bill directs the Department of Education (ED) to establish a postsecondary education match savings account demonstration grant program, through which ED must award competitive grants to states and nonprofit organizations to provide certain low-income students with postsecondary education match 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 workforce 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 a postsecondary education match 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.
