Republican lawmakers Sen. Ted Cruz (R-Texas) and Rep. Jim Banks (R-Ind.) have introduced legislation Jan. 24 for a process for military families to establish savings accounts to help support child education.
Sen. Ted Cruz (R-Texas)
The Education Savings Accounts for Military Families Act – cosponsored by Sens. Mike Braun (R-Ind.) and Tim Scott (R-S.C.) – would create an opt-in process for military families to open Military Education Savings Accounts (ESAs) to help fund and broaden the education of their children.
“With over one-third of military parents listing dissatisfaction with educational options for their children as a factor in their decision to discharge from the military, it is time for a change,” Cruz said. “I am proud to introduce this important legislation to remedy this problem by helping military families to obtain a quality education. Our servicemembers and their children deserve nothing but the best our great nation has to offer.”
The bill allows for the allocation of $6,000 for approved applicants for alternative education options annually. The funds can be used for expenses such as attendance at a private institution; online learning programs; private tutoring; tuition and fees for college preparatory programs; and educational services and therapies.
Unused funds would roll over from year to year. And money remaining after post-high school graduation can be used for attendance at a higher ed institution or costs of alternative professional training.
