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House Bill 3987 |
House Author: Farney et al. |
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Effective: 6-20-15 |
Senate Sponsor: Garcia et al. |
House Bill 3987 amends the Education Code and Human Resources Code to authorize a school district or open-enrollment charter school to establish a school-based savings program to facilitate increased awareness of the importance of saving for higher education and to facilitate personal financial literacy instruction. The bill authorizes a school-based savings program, through partnerships with appropriate institutions, to promote general savings by offering savings accounts or certificates of deposit through partner financial institutions or to promote savings dedicated for higher education by offering through partner institutions certain specified types of accounts or bonds, the primary purpose of which must be to pay expenses associated with higher education. School-based accounts or bonds are excluded from the determination of eligibility for the TEXAS grant program or any other state-funded student financial assistance; household income requirements for Department of Health and Human Services financial assistance programs; eligibility and need for Medicaid, except for certain applicants; and family income and resource requirements for eligibility for the supplemental nutrition assistance program.