School districts and open-enrollment charter schools may create a school-based savings program, and districts or schools that do so must seek partnerships with appropriate institutions.
Sec. 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. (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. Added by Acts 2015, 84th Leg., R.S., Ch. 1265 (H.B. 3987), Sec. 1, eff. June 20, 2015.