Sens. Chris Coons, D-Delaware, and Marco Rubio, R-Florida, reintroduced the American Dream Accounts Act that would help to increase the number of low-income and at-risk students able to access and complete a college education.
This legislation would authorize the Department of Education to award three-year competitive grants to support innovative and comprehensive partnerships that support low-income students in preparation for a college education.
The American Dream Accounts Act encourages partnerships among schools, colleges, nonprofits and businesses to develop secure, Web-based student accounts that contain information about academic preparedness, financial literacy and high-impact mentoring and would be tied to a college savings account. Instead of approaching these threads independently, this bill connects students, parents and teachers across silos, and takes a small but significant step toward helping more at-risk students of all income levels access, afford and complete a college education.
The American Dream Accounts Act authorizes the Department of Education to award three-year competitive grants to local partnerships that:
— Create American Dream Accounts, personal online accounts for low-income students that monitor higher education readiness and include a college savings account.
— Open college savings accounts for students. Every ADA would include a college savings account for each student.
— Support college readiness by securely monitoring students’ progress online.
— Collect data about effective ways to assist high-risk students in planning for college through a comprehensive monitoring and reporting system.