Educ. Code Section 28.0024
School-based Savings Program
(a)A school district or open-enrollment charter school may establish a school-based savings program to facilitate increased awareness of the importance of saving for higher education and facilitate personal financial literacy instruction. A district or school may offer the program in conjunction with a personal financial literacy course under Section 28.0021 (Personal Financial Literacy).
(b)A school-based savings program may, through partnerships with appropriate institutions, promote:
(1)general savings, by offering savings accounts or certificates of deposit through partner financial institutions; or
(2)savings dedicated for higher education, by offering through partner institutions the following accounts or bonds the primary purpose of which must be to pay expenses associated with higher education:
(A)an account authorized under Section 529, Internal Revenue Code of 1986;
(B)a Coverdell education savings account established under 26 U.S.C. Section 530;
(C)a certificate of deposit;
(D)a savings account; and
(E)a Series I savings bond.
(c)A district or school establishing a program under this section:
(1)shall seek to establish partnerships with appropriate institutions that are able to offer an account or bond under Subsection (b); and
(2)may seek to establish partnerships with public sector partners, private businesses, nonprofit organizations, and philanthropic organizations in the community.
(d)A partnership established under Subsection (c) between a district or school and:
(1)an appropriate institution may allow a student in the program or the student and an adult in the student’s family jointly to have an opportunity to establish an account or purchase a bond under Subsection (b); and
(2)an appropriate institution, public sector partner, private business, or nonprofit or philanthropic organization may provide:
(A)a structure for the management of the program; and
(B)incentives that encourage contribution to a school-based account or purchase of a bond under Subsection (b), including incentives that provide matching funds or seed funding.
Section 28.0024 — School-based Savings Program,
https://statutes.capitol.texas.gov/Docs/ED/htm/ED.28.htm#28.0024 (accessed Dec. 2, 2023).