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S. 1205 (115th): American Dream Accounts Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 23, 2017.

American Dream Accounts Act

This bill authorizes the Department of Education to award competitive grants to eligible entities for establishing and administering American Dream Accounts for a group of at least 30 low-income public school students who, at the time of the grant application, are attending a grade no higher than ninth grade. An American dream account is a personal online account for low-income students that: (1) monitors their progress toward higher education; (2) includes a college savings account; and (3) provides students with opportunities to attain financial literacy, learn about preparing for enrollment in an institute of higher education (IHE), and identify their skills or interests.