Tex.
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.
Source:
Section 28.0024 — School-based Savings Program, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.28.htm#28.0024 (accessed Jun. 5, 2024).
