Youth Savings Program: $300 Initial Deposit and Matched Contributions for High Schoolers.
This law establishes a pilot grant program to help high school students (grades 9-12) build savings and financial knowledge. Eligible students will receive an initial $300 deposit and monthly federal matching funds for their own contributions. These funds are generally restricted until one year after graduation, promoting long-term savings habits.
Key points
Students in grades 9-12 at eligible schools receive a savings account with an initial $300 deposit.
The federal government will match student or family contributions up to $25 per month, totaling $300 per year.
Funds are locked until one year after graduation; unapproved early withdrawal results in the loss of all federal contributions.
The program includes mandatory financial literacy education for participating students, covering topics like account taxation.
Status:
Expired
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