I 

118TH CONGRESS 

1ST SESSION H. R. 5645 

To establish a matched savings program for low-income students. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 21, 2023 

Ms. LEE of Nevada (for herself, Mr. SCHWEIKERT, Mr. STANTON, and Mr. 

CISCOMANI) introduced the following bill; which was referred to the Committee on Education and the Workforce 

A BILL 

To establish a matched savings program for low-income 

students. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Earn to Learn Act’’. 

5 SEC. 2. FINDINGS. 

6 Congress finds the following: 

7 (1) Skyrocketing costs of higher education are 

8 outpacing available financial aid. Individuals in the 

9 United States owe more than $1,700,000,000,000 in 

10 student loan debt, and more than 3,000 student loan 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
2 

•HR 5645 IH

1 borrowers default on a student loan every day, many 

2 of whom did not complete their educational program 

3 before obtaining a degree. 

4 (2) The cost of paying for public higher edu5 cation and workforce training programs continues to 

6 rise while the purchasing power of Federal Pell 

7 Grant aid has significantly diminished. 

8 (3) The confluence of these issues forces pro9 spective students to make the tough choice between 

10 foregoing postsecondary education and borrowing 

11 enough money to pay for it, an amount that is often 

12 many times their annual salary and can remain a fi13 nancial burden for decades after these students 

14 graduate. 

15 (4) The higher rates of loan delinquencies and 

16 default among low- and moderate-income popu17 lations often lead to increased financial hardship, 

18 fewer assets, and lower net worth. 

19 (5) In 2013, the Brookings Institute found that 

20 the increasing debt burden represents a drag on re21 cent graduates and also serves as a deterrent to 

22 would-be students who may question the trade-off 

23 between the debt burden and the payoff of a college 

24 degree. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
3 

•HR 5645 IH

1 (6) During the 2015–2016 academic year, the 

2 Department of Education found that nearly 3 in 4 

3 students experienced unmet need, and that unmet 

4 need among postsecondary students had risen by 23 

5 percent since the 2011–2012 academic year. 

6 (7) The Federal Reserve System has deter7 mined student loan payments are displacing retire8 ment savings, home ownership, small business devel9 opment, and other forms of building wealth. 

10 (8) The Report on the Economic Well-Being of 

11 United States Households in 2018 by the Federal 

12 Reserve found that 2 in 3 graduates with a bach13 elor’s degree or higher feel that their educational in14 vestment paid off financially, but only 3 in 10 stu15 dents who started higher education programs but 

16 did not complete a degree share this view. 

17 (9) The United States urgently needs a new, in18 novative approach to financial aid to help low-income 

19 students achieve their educational goals, graduate 

20 with affordable amounts of student loan debt, and 

21 improve their financial capability. 

22 SEC. 3. PURPOSE. 

23 It is the purpose of this Act to— 

24 (1) establish a proven and innovative matched 

25 savings program for low-income students that proVerDate Sep 11 2014 00:30 Sep 26, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5645.IH H5645

kjohnson on DSK7ZCZBW3PROD with $$_JOB
4 

•HR 5645 IH

1 vides the financial resources and support those stu2 dents need to attain their educational goals; 

3 (2) provide a much-needed supplement to tradi4 tional financial aid options through matched savings; 

5 (3) give students the tools to succeed by giving 

6 students the opportunity to invest in their education 

7 and to improve their financial capability through fi8 nancial empowerment training and success coaching; 

9 and 

10 (4) help students— 

11 (A) develop healthy financial habits and 

12 life skills; 

13 (B) prepare to embark on a lifetime of 

14 healthy financial practices after graduation; and 

15 (C) minimize or eliminate student loan 

16 debt. 

17 SEC. 4. DEFINITIONS. 

18 In this Act: 

19 (1) 529 ACCOUNT.—The term ‘‘529 account’’ 

20 means a qualified tuition program as defined in sec21 tion 529(b) of the Internal Revenue Code of 1986. 

22 (2) ELIGIBLE EDUCATIONAL INSTITUTION.— 

23 The term ‘‘eligible educational institution’’ means— 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
5 

•HR 5645 IH

1 (A) an institution of higher education, as 

2 defined in section 102 of the Higher Education 

3 Act of 1965 (20 U.S.C. 1002); or 

4 (B) an area career and technical education 

5 school, as defined in section 3(3) of the Carl D. 

6 Perkins Career and Technical Education Act of 

7 2006 (20 U.S.C. 2302(3)). 

8 (3) ELIGIBLE ENTITY.—The term ‘‘eligible enti9 ty’’ means a State or a nonprofit organization. 

10 (4) ELIGIBLE STUDENT.—The term ‘‘eligible 

11 student’’ means an individual who— 

12 (A) is selected to participate in a postsec13 ondary education match savings account pro14 gram; 

15 (B) has been admitted to an eligible edu16 cational institution; 

17 (C) is a student from a low-income family, 

18 as determined by the eligible entity; 

19 (D) successfully completes a required pre20 requisite personal finance training program; 

21 (E) agrees to contribute savings to the 

22 postsecondary education match savings account 

23 administered by the eligible entity under this 

24 section; and 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
6 

•HR 5645 IH

1 (F) meets any other eligibility criteria as 

2 defined by the eligible entity. 

3 (5) FINANCIAL CAPABILITY TRAINING PLAT4 FORM.—The term ‘‘Financial Capability Training 

5 Platform’’ means a program for use by a postsec6 ondary education match savings account program 

7 carried out with a grant under section 5 that— 

8 (A) delivers financial capability training to 

9 participating students that is designed to help 

10 students improve their financial capability and 

11 overall financial well-being; 

12 (B) includes an initial assessment to iden13 tify individual learning goals and objectives; 

14 (C) creates a personal and dynamic learn15 ing experience for each individual participant, 

16 including ongoing assessments and interim 

17 milestones related to learning objectives and 

18 longer-term goals; and 

19 (D) includes modules on student loans, fi20 nancial aid, budgeting and credit, consumer 

21 debt, housing costs, retirement, the importance 

22 of emergency savings, banking (including check23 ing and savings accounts), credit use and inter24 est rates, predatory lending practices, privacy, 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
7 

•HR 5645 IH

1 and security, which shall be conducted by or at 

2 the direction of the eligible entity. 

3 (6) POSTSECONDARY EDUCATION MATCH SAV4 INGS ACCOUNT.—The term ‘‘postsecondary edu5 cation match savings account’’ means an account 

6 that is— 

7 (A) a custodial account; or 

8 (B) a 529 account. 

9 (7) PROGRAM GUIDE.—The term ‘‘Program 

10 Guide’’ means a guide that includes program policies 

11 and procedures, a savings plan agreement template, 

12 a withdrawal form template, recommended timelines, 

13 other key forms, and the structure for implementing 

14 and reporting program results for a postsecondary 

15 education match savings account program carried 

16 out with a grant under this section. 

17 (8) REPORTING DASHBOARD.—The term ‘‘Re18 porting Dashboard’’ means a robust online data por19 tal for postsecondary education match savings ac20 count programs carried out with a grant under this 

21 section that— 

22 (A) allows eligible entities to monitor stu23 dent progress, track achievement, and measure 

24 relevant behavioral change; 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
8 

•HR 5645 IH

1 (B) standardizes and facilitates student 

2 evaluation across participating eligible edu3 cational institutions; and 

4 (C) is in compliance with the requirements 

5 of section 444 of the General Education Provi6 sions Act (commonly known as the ‘‘Family 

7 Educational Rights and Privacy Act of 1974’’) 

8 (20 U.S.C. 1232g). 

9 (9) SECRETARY.—The term ‘‘Secretary’’ means 

10 the Secretary of Education. 

11 (10) STUDENT WITH PRELIMINARY ELIGI12 BILITY.—The term ‘‘student with preliminary eligi13 bility’’ means an individual who— 

14 (A) is from a low-income family, as deter15 mined by an eligible entity; 

16 (B) plans to attend an eligible educational 

17 institution; and 

18 (C) meets the requirements described in 

19 subparagraphs (E) and (F) of paragraph (4). 

20 (11) SUCCESS COACHING MODEL.—The term 

21 ‘‘Success Coaching Model’’ includes— 

22 (A) financial capability training to address 

23 budgeting, managing student debt, savings, 

24 debit management, credit cards, retirement 

25 readiness, and credit reports; 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
9 

•HR 5645 IH

1 (B) postsecondary education readiness 

2 training that provides mentoring to help stu3 dents be better prepared for the challenges of 

4 postsecondary education; and 

5 (C) workforce readiness training to learn 

6 interviewing, resume skills, and career explo7 ration. 

8 SEC. 5. POSTSECONDARY EDUCATION MATCH SAVINGS AC9 COUNT DEMONSTRATION GRANT PROGRAM. 

10 (a) GRANT ESTABLISHED.— 

11 (1) IN GENERAL.—Not later than 9 months 

12 after the date of enactment of this Act, the Sec13 retary shall establish a postsecondary education 

14 match savings account demonstration grant program 

15 described in this section, through which the Sec16 retary shall award grants, on a competitive basis, to 

17 eligible entities to enable those eligible entities to 

18 carry out the activities described in subsection (e). 

19 (2) TOOLS FOR GRANTEES.—The Secretary 

20 shall develop the Reporting Dashboard, Financial 

21 Capability Training Platform, Program Guide, and 

22 Success Coaching Model and make those tools avail23 able to grantees. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
10 

•HR 5645 IH

1 (3) PELL ELIGIBILITY NOT AFFECTED.—The 

2 Secretary shall ensure that, notwithstanding any 

3 other provision of law— 

4 (A) participation in the grant program 

5 shall not affect a student’s eligibility for a Fed6 eral Pell Grant under section 401 of the Higher 

7 Education Act of 1965 (20 U.S.C. 1070a); and 

8 (B) funds deposited in a postsecondary 

9 education match savings account by a partici10 pating student, as well as any matching funds 

11 under this section, shall not be considered when 

12 a determination is made about that student’s 

13 eligibility for Federal student aid under title IV 

14 of the Higher Education Act of 1965 (20 

15 U.S.C. 1070 et seq.), including for a Federal 

16 Pell Grant. 

17 (b) APPLICATION.—An eligible entity that desires to 

18 participate in the grant program under this section shall 

19 submit an application to the Secretary at such time, in 

20 such manner, and containing such information as the Sec21 retary may determine, including, at a minimum— 

22 (1) a demonstration of— 

23 (A) a commitment of non-Federal match24 ing funds at a ratio of 1:1 (which non-Federal 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
11 

•HR 5645 IH

1 funds may be provided by an entity other than 

2 the eligible entity); 

3 (B) the ability to launch and implement 

4 the program; and 

5 (C) a plan for compliance with evaluation 

6 and program monitoring; and 

7 (2) an assurance that the applicant will utilize 

8 the Reporting Dashboard, Financial Capability 

9 Training Platform, and Success Coaching Model de10 veloped by the Secretary under subsection (a)(2). 

11 (c) SELECTION.— 

12 (1) PRIORITY.—In selecting eligible entities to 

13 participate in the grant program under this section, 

14 the Secretary shall give priority to eligible entities 

15 that— 

16 (A) target eligible students and students 

17 with preliminary eligibility at a statewide level 

18 with networks of participating eligible edu19 cational institutions; and 

20 (B) commit to supporting selected students 

21 through the student’s graduation from an eligi22 ble educational institution. 

23 (2) DIVERSITY OF PROJECTS.—The Secretary 

24 shall ensure, to the maximum extent practicable, 

25 that the eligible entities awarded grants under this 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
12 

•HR 5645 IH

1 section include eligible entities that represent a 

2 range of communities (both rural and urban) and di3 verse populations. 

4 (d) AMOUNT.—A grant awarded under this section 

5 shall be in an amount not to exceed the lesser of— 

6 (1) the aggregate amount of funds committed 

7 as matching contributions from non-Federal public 

8 or private sector sources; or 

9 (2) $10,000,000. 

10 (e) USES OF FUNDS.— 

11 (1) IN GENERAL.—An eligible entity receiving a 

12 grant under this section shall use the grant funds 

13 to— 

14 (A) select eligible students, or students 

15 with preliminary eligibility, in the State in 

16 which the eligible entity is located to participate 

17 in the grant program; 

18 (B) provide selected students with financial 

19 literacy education using the Success Coaching 

20 Model; 

21 (C) after ensuring that a selected eligible 

22 student or selected student with preliminary eli23 gibility has completed an agreement regarding 

24 the terms and conditions of the postsecondary 

25 education match savings account, establish a 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
13 

•HR 5645 IH

1 postsecondary education match savings account 

2 for each participating eligible student or stu3 dent with preliminary eligibility and allow stu4 dents and their families to deposit funds in that 

5 account to save for attendance at an eligible 

6 educational institution; and 

7 (D) reserve matching funds for partici8 pating students in accordance with paragraph 

9 (2). 

10 (2) MATCHING FUNDS.— 

11 (A) IN GENERAL.—Upon a participating 

12 student or student’s family depositing $100 into 

13 a postsecondary education match savings ac14 count for the appropriate academic year, the el15 igible entity shall provide a match of $8 into 

16 the student’s postsecondary education match 

17 savings account for each subsequent dollar de18 posited by the student or student’s family. 

19 (B) WITHDRAWAL FROM SCHOOL.—If a 

20 participating student withdraws from an eligible 

21 educational institution during the drop-add pe22 riod at that eligible educational institution, the 

23 student shall be responsible for any amounts 

24 owed for that academic period and will not re25 ceive matching funds for that academic period. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
14 

•HR 5645 IH

1 (C) DELAY OF ATTENDANCE; EXTENU2 ATING CIRCUMSTANCES.—Subject to paragraph 

3 (3), each eligible entity shall describe in the 

4 agreement under paragraph (1)(C) the eligible 

5 entity’s policy regarding the availability of 

6 matching funds in the event a student decides 

7 to delay attendance at an eligible educational 

8 institution or in the case of extenuating cir9 cumstances, such as illness of a student. 

10 (3) RETURN OF DEPOSITED FUNDS.— 

11 (A) IN GENERAL.—Each eligible entity 

12 shall ensure that a participating eligible stu13 dent, or a student with preliminary eligibility, 

14 who does not meet or maintain the require15 ments of paragraph (4) or (10) of section 4, re16 spectively, shall be entitled to withdraw funds 

17 that the student or the student’s family contrib18 uted to the postsecondary education match sav19 ings account in accordance with the terms and 

20 conditions that are contained in the agreement 

21 for that postsecondary education match savings 

22 account, as described in paragraph (1)(C). 

23 (B) EXPIRATION.— 

24 (i) IN GENERAL.—The participation 

25 of an eligible student or student with preVerDate Sep 11 2014 00:30 Sep 26, 2023 Jkt 039200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H5645.IH H5645

kjohnson on DSK7ZCZBW3PROD with $$_JOB
15 

•HR 5645 IH

1 liminary eligibility in the postsecondary 

2 education match savings account dem3 onstration grant program shall terminate 

4 on the expiration date described in clause 

5 (ii). The eligible entity shall cease reserv6 ing matching funds on behalf of that stu7 dent as described in paragraph (1)(D). 

8 Any remaining funds that the student or 

9 the student’s family deposited in a postsec10 ondary education match savings account 

11 shall be made available for withdrawal in 

12 accordance with subparagraph (A). 

13 (ii) EXPIRATION DATE.—The expira14 tion date described in this clause is— 

15 (I) the date that is 8 years after 

16 the date on which a participating eli17 gible student first enrolled in an eligi18 ble educational institution; or 

19 (II) in the case of a student with 

20 preliminary eligibility, or a partici21 pating eligible student who does not 

22 enroll in an eligible educational insti23 tution, the date that is 4 years after 

24 the date on which the student first 

25 agrees to participate in the postsecVerDate Sep 11 2014 00:30 Sep 26, 2023 Jkt 039200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\H5645.IH H5645

kjohnson on DSK7ZCZBW3PROD with $$_JOB
16 

•HR 5645 IH

1 ondary education match savings ac2 count demonstration grant program. 

3 (4) MANAGEMENT COSTS.—An eligible entity 

4 receiving a grant under this section may use not 

5 more than 5 percent of grant funds for management 

6 costs, which may include nonadministrative and ad7 ministrative functions, including program manage8 ment, reporting requirements, recruitment and en9 rollment of individuals, and monitoring. 

10 (f) DATA SHARING.—An eligible entity receiving a 

11 grant under this section shall enter into a data sharing 

12 agreement with eligible educational institutions in order 

13 to exchange data necessary to carry out the activities de14 scribed in this section. Such data sharing shall be carried 

15 out in a manner that complies with the requirements of 

16 section 444 of the General Education Provisions Act (com17 monly known as the ‘‘Family Educational Rights and Pri18 vacy Act of 1974’’) (20 U.S.C. 1232g). 

19 (g) ANNUAL PROGRESS REPORTS.—Each eligible en20 tity receiving a grant under this section shall prepare and 

21 submit to the Secretary an annual progress report con22 taining the following information, in the aggregate and in 

23 a manner that protects personally identifiable information 

24 in accordance with Federal privacy laws: 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
17 

•HR 5645 IH

1 (1) The number and characteristics of partici2 pating students making a deposit into a postsec3 ondary education match savings account supported 

4 under this section. 

5 (2) Data on program goals and achievements 

6 including enrollment rates, first-year retention rates, 

7 program completion, average Federal student loan 

8 debt, and share of participating eligible students 

9 borrowing Federal student loans. 

10 (3) The amount that the eligible entity has re11 served in accordance with subsection (e)(1)(D). 

12 (4) The aggregate amounts deposited in post13 secondary education match savings accounts by par14 ticipating students and their families. 

15 (5) What service configurations of the eligible 

16 entity (such as configurations relating to peer sup17 port, structured planning exercises, mentoring, and 

18 case management) increased the rate and consist19 ency of participation in the demonstration project 

20 and how such configurations varied among different 

21 populations or communities. 

22 (6) Such other information as the Secretary 

23 may require to evaluate the demonstration project. 

24 (h) REPORT TO CONGRESS.—Not later than 1 year 

25 after the establishment of the demonstration project under 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
18 

•HR 5645 IH

1 this section, the Secretary shall prepare and submit to 

2 Congress a report containing the following information: 

3 (1) The effects of incentives and organizational 

4 or institutional support on postsecondary retention 

5 in the demonstration project. 

6 (2) The savings rates of individuals in the dem7 onstration project, in the aggregate and 

8 disaggregated by demographic characteristics includ9 ing gender, age, family size, race or ethnic back10 ground, and income. 

11 (3) The effects of postsecondary education 

12 match savings accounts on savings rates and post13 secondary education retention and completion, and 

14 how such effects vary among different populations or 

15 communities. 

16 (4) The lessons to be learned from the dem17 onstration projects conducted under this section and 

18 whether a permanent postsecondary education sav19 ings grant program should be established. 

20 (5) The characteristics of postsecondary edu21 cation match savings accounts (such as threshold 

22 amounts and match rates) required to stimulate par23 ticipation in the demonstration project, and how 

24 such characteristics vary among different popu25 lations or communities. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
19 

•HR 5645 IH

1 (6) Such other factors as may be prescribed by 

2 the Secretary. 

3 (i) TECHNICAL ASSISTANCE.—The Secretary may re4 serve not more than 10 percent of the amounts appro5 priated under section 6 to provide technical assistance to 

6 eligible entities receiving grants under this section. 

7 SEC. 6. AUTHORIZATION OF APPROPRIATIONS. 

8 There are authorized to be appropriated to carry out 

9 this Act $100,000,000 for fiscal year 2024 and each of 

10 the succeeding 4 years. 

Æ 


kjohnson on DSK7ZCZBW3PROD with $$_JOB