(iii) EXCEPTION FOR COLLEGE SAV-
INGS ACCOUNT.—An eligible entity that re-
ceives a grant under this subsection shall 
not be required to give vested stakeholders 
described in clause (ii), access to the col-
lege savings account portion of a student’s 
American Dream Account. 
(iv) 
ADULT
STUDENTS.—Notwith-
standing clauses (i) through (iii), if a par-
ticipating student is age 18 or older, an el-
igible entity that receives a grant under 
this subsection shall not provide access to 
such 
participating 
student’s 
American 
Dream Account without the student’s con-
sent, in accordance with the Family Edu-
cational Rights and Privacy Act of 1974 
(20 U.S.C. 1232g). 
(v) INPUT
OF
STUDENT
INFORMA-
TION.—Student data collected pursuant to 
subparagraph (A)(ii)(I) may only be en-
tered into an American Dream Account by 
a school administrator or such administra-
tor’s designee. 
(C) PROHIBITION ON USE OF STUDENT IN-
FORMATION.—An eligible entity that receives a 
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grant under this subsection may not use any 
student-level information or data for the pur-
pose of soliciting, advertising, or marketing any 
financial or nonfinancial consumer product or 
service that is offered by such eligible entity, or 
on behalf of any other person. 
(D) LIMITATION ON THE USE OF GRANT 
FUNDS.—An eligible entity shall not use more 
than 25 percent of the grant funds provided 
under this subsection to provide the initial de-
posit into a college savings account portion of 
a student’s American Dream Account. 
(5) REPORTS AND EVALUATIONS.— 
(A) IN GENERAL.—Not later than 1 year 
after the Secretary of Education has disbursed 
grants under this subsection, and annually 
thereafter, the Secretary of Education shall pre-
pare and submit a report to the appropriate 
committees of Congress that includes an evalua-
tion of the effectiveness of the grant program 
established under this subsection. 
(B) CONTENTS.—The report described in 
subparagraph (A) shall— 
(i) list the grants that have been 
awarded under paragraph (2)(A); 
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(ii) include the number of students 
who have an American Dream Account es-
tablished through a grant awarded under 
paragraph (2)(A); 
(iii) provide data (including the inter-
est accrued on college savings accounts 
that are part of an American Dream Ac-
count) in the aggregate, regarding stu-
dents who have an American Dream Ac-
count established through a grant awarded 
under paragraph (2)(A), as compared to 
similarly situated students who do not have 
an American Dream Account; 
(iv) identify best practices developed 
by the eligible entities receiving grants 
under this subsection; 
(v) identify any issues related to stu-
dent privacy and stakeholder accessibility 
to American Dream Accounts; 
(vi) provide feedback from partici-
pating students and the parents of such 
students about the grant program, includ-
ing— 
(I) the impact of the program; 
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(II) aspects of the program that 
are successful; 
(III) aspects of the program that 
are not successful; and 
(IV) any other data required by 
the Secretary of Education; and 
(vii) provide recommendations for ex-
panding the American Dream Accounts 
program. 
(6) ELIGIBILITY
TO
RECEIVE
FEDERAL
STU-
DENT FINANCIAL AID.—Notwithstanding any other 
provision of law, any funds that are in the college 
savings account portion of a student’s American 
Dream Account shall not affect such student’s eligi-
bility to receive Federal student financial aid, includ-
ing any Federal student financial aid under the 
Higher Education Act of 1965 (20 U.S.C. 1001), 
and shall not be considered in determining the 
amount of any such Federal student aid. 
(f) CONFORMING AMENDMENT.—Section 480(j) of 
the Higher Education Act of 1965 (20 U.S.C. 1087vv(j)) 
is amended by adding at the end the following: 
‘‘(5) Notwithstanding paragraph (1), amounts 
made available under the college savings account 
portion of an American Dream Account under sec-
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tion 2(e)(4) of the Training Highly Skilled Ameri-
cans Act of 2015 shall not be treated as estimated 
financial assistance for purposes of section 471(3).’’. 
Æ 
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