Education Savings Accounts for Military Families
This act establishes special education savings accounts for children of military personnel. Parents can use these funds for various educational expenses, such as private schools, tutoring, or learning materials, giving them greater flexibility in choosing their children's educational path. The goal is to support military families in covering education costs outside the public system.
Key points
Creates special savings accounts (Military Education Savings Accounts) for children of service members, with an initial annual deposit of $6,000, indexed for inflation.
Allows parents to use funds for a wide range of educational expenses, including private schools, online programs, tutoring, educational materials, and even exam fees and vocational programs.
Establishes a priority system in case of insufficient funds, prioritizing renewal of existing accounts, followed by children of enlisted members, warrant officers, and commissioned officers.
Ensures tax exemption for account funds, meaning contributions and distributions will not be taxed.
Requires parents to ensure children using the account do not attend public school full-time and receive basic instruction at home or another facility.
Implements a system for oversight and fraud prevention, including audits and a hotline for reporting suspected fraud.
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