8:1 Matched Savings Program for Low-Income Students' Education
This Act establishes a demonstration grant program to help low-income students finance higher education or career and technical education. For every dollar saved by the student after an initial deposit, they receive an $8 match. These funds will not affect their eligibility for existing federal aid like the Pell Grant, and the program includes mandatory financial capability training.
Key points
8:1 matching contributions for education savings for eligible low-income students (after initial deposit).
Mandatory financial capability training and career readiness coaching provided.
Participation does not reduce eligibility for other federal financial aid (e.g., Pell Grants).
Status:
Expired
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