Democrats: This is Secretary of Education Zackisan. We will have party meeting to discuss another bill drafted by the Bipartisan Education Committee. Please review it and comment with any questions or concerns. Thank you!
What is the department of domestic development? How will the savings accounts work? What kind of interest will they earn?
The Dept of Domestic Development is the newly created department under the Department Consolidation Act, it's composed of Housing/urban development, Labor, and interior departments
No interest, it is just a safe market and bank free account for parents to put money into in order to save for college.
I support this, it's not bureaucracy and it helps many lower income families pay for college.
Aren't there savings plans you set up through your bank to do this? (Tax free if used towards college.)
There is usually still fees for those accounts and this program has no bank or stock market interference
This seems acceptable to me.
Higher Education Pre-Payment Act
1. The government will establish a program to allow parents to save money to pay for the college education of their children.
A. This program will be free of charge to the parents, and will operate as a free savings account for the purpose of college education. No government funding will be put into the savings accounts; the government will merely host the savings accounts.
B. The government cannot, under any circumstances, take the funds in the savings accounts.
C. This program will be funded with $50 million dollars, cut from the Department of Domestic Development. Those cuts will be directed at the Secretary of Domestic Development’s discretion.