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President Trump Signs Rubio, Coons American Dream Accounts Act Into Law

Jul 31, 2018 | Press Releases

Washington, D.C. – U.S. Senator Marco Rubio (R-FL) welcomed President Trump’s signing of the American Dream Accounts Act, legislation Rubio led with Senator Chris Coons (D-DE) that will help to increase the number of low-income and at-risk students able to access and complete college or technical education. The American Dream Accounts Act was included as part of the Strengthening Career and Technical Education for the 21st Century Act.
“The American Dream is what makes our country exceptional, and I commend the President for signing the American Dream Accounts Act into law so we can take the important step of creating stronger pathways for children to achieve academic success and, ultimately, their American Dream,” Rubio said. “It is crucial we continue to do everything we can to expand economic mobility and lessen the opportunity gap in America. I thank my colleagues in both the Senate and the House who joined me in advancing this bipartisan effort.”
“I’m thrilled that my bipartisan American Dream Accounts Act was signed into law,” Coons said. “I have worked on this bill with Senator Rubio for many years. If we want to ensure that American workers can compete in the global economy, we must ensure that every child has an equal opportunity to access technical training and higher education. This legislation will bridge the opportunity gap by streamlining resources that allow young people to prepare for, save for, and achieve their educational dreams.  I look forward to working with the administration to fully realize the possibilities of American Dream Accounts for students across the country.”
The American Dream Accounts Act authorizes the Department of Education to award three-year competitive grants to local partnerships that:

  • Create American Dream Accounts (ADAs), personal online accounts for low-income students that monitor higher education readiness and include a college savings account.  ADAs would follow students from school to school and through college. Parents would grant vested stakeholders (including counselors, teachers, coaches, mentors, and others) access to the account to update student information, monitor progress, and provide college preparatory support.
  • Open college savings accounts for students. Every ADA would include a college savings account for each student. Grantees that can provide these accounts with seed money would be prioritized.  Funds from the grant could not be used to seed the college savings accounts.
  • Support college readiness by securely monitoring students’ progress online. Academic and behavioral information, including grades and course selections, progress reports, and attendance and disciplinary records would be available for review in an ADA, which would also provide opportunities to learn about financial literacy, prepare for college enrollment, and identify skills and career interests.
  • Collect data about effective ways to assist high-risk students in planning for college through a comprehensive monitoring and reporting system.