Opportunity Nation supports efforts to pave the path from high school to college, including improved college guidance and access to savings products, tools and incentives so students can invest in their educational future.
The bipartisan American Dream Accounts Act was first introduced by Senators Chris Coons (D-DE) and Marco Rubio (R-FL) in the 113th Congress (2012-2014) and was reintroduced in the 114th Congress.
ADAA authorizes the creation of online college savings accounts combined with resources and support intended to help more students, particularly low-income children, access a college education that leads to a career. Opportunity Nation and Coalition partner, CFED are long-time supporters of this legislation and hosted a joint event on Capitol Hill in Spring 2013 with Senator Coons and staff from Senator Rubio’s office, among other activities.
The American Dream Accounts Act is a significant step toward providing low-income students with the resources and support they need to access and succeed in college. Studies show that low- and moderate-income students with a dedicated college savings account in their own name are three times more likely to attend college and four times more likely to graduate than their peers who lack such accounts.
Among students who expect to attend college, youth with a college savings account in their name are six times more likely to actually attend college.
Learn more about Opportunity Nation’s support of the American Dream Accounts Act:
- Opportunity Nation College Savings Plan Fact Sheet
- Politico op-ed supporting ADAA co-authored by Opportunity Nation’s Mark Edwards and CFED’s Andrea Levere.
- Opportunity Nation letter to Senator Rubio supporting ADAA
- Opportunity Nation/CFED forum for the American Dream Accounts Act:
Senator Chris Coons speaking at the Opportunity Nation/CFED forum
The American Dream Accounts Act authorizes the Department of Education to award three-year competitive grants to partnerships between school districts, charter schools, institutions of higher education and non-profits with experience in educational savings to provide comprehensive support, guidance and direction for low-income students as they plan for college, combined with the creation of college savings accounts. Specifically, grant recipients would be required to:
- Establish personal online accounts for low-income students that monitor higher education readiness. The accounts will include a variety of academic and behavioral information, including grades and course selections, progress reports, attendance and disciplinary records. Through the accounts, students would be given 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 evaluation system.