I 
114TH CONGRESS 
1ST SESSION 
H. R. 701 
To amend the Internal Revenue Code of 1986 to expand access to Coverdell 
education savings accounts. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 4, 2015 
Mr. WALBERG (for himself and Mr. KILDEE) introduced the following bill; 
which was referred to the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to expand 
access to Coverdell education savings accounts. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Helping Families Save 
for Education Act’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) College costs have increased tremendously 
over the past decade. When adjusted for inflation, 
the average published price for in-State students at 
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public four-year universities is 42-percent higher 
than it was a decade ago and more than twice as 
high as it was 20 years ago. The price of private 
nonprofit four-year institutions has increased 24 
percent during the last 10 years and 66 percent dur-
ing the last 20 years. 
(2) Federal financial aid for students has also 
increased rapidly but failed to mitigate the issues of 
rising college costs. Between the 2003–2004 aca-
demic year and the 2013–2014 academic year, the 
amount of Federal financial aid in the form of Pell 
Grants, Federal student aid, campus based aid, vet-
erans educational benefits, and tax credits increased 
from $73.5 billion to $164.5 billion or by 124 per-
cent beyond the rate of inflation. The Federal Gov-
ernment’s share of total student aid is 69 percent. 
(3) Students continue to borrow more than they 
can afford. During the 2012–2013 academic year, 
approximately 60 percent of students who earned 
bachelor’s degrees from the public and private non-
profit institutions at which they began their studies 
graduated with debt. These students borrowed an 
average of $27,300, an increase of 13 percent com-
pared to 5 years ago and an increase of 19 percent 
compared to 10 years ago. 
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SEC. 3. EXPANSION OF COVERDELL EDUCATION SAVINGS 
ACCOUNTS. 
(a) INCREASE IN AGE LIMITATION OF BENEFICIARY 
AFTER WHICH CONTRIBUTIONS TO ACCOUNT CANNOT 
BE MADE.—Section 530(b)(1)(A)(ii) of the Internal Rev-
enue Code of 1986 is amended by striking ‘‘age 18’’ and 
inserting ‘‘age 22’’. 
(b) INCREASE IN ANNUAL DOLLAR LIMITATION ON 
CONTRIBUTIONS TO ACCOUNT.—Section 530(b)(1)(A)(iii) 
of such Code is amended by striking ‘‘$2,000’’ and insert-
ing ‘‘$10,000’’. 
(c) EFFECTIVE DATES.— 
(1) 
INCREASE
IN
AGE
LIMITATION.—The 
amendments made by subsection (a) shall apply to 
contributions made after the date of the enactment 
of this Act. 
(2) INCREASE IN ANNUAL DOLLAR LIMITATION 
ON
CONTRIBUTIONS.—The amendments made by 
subsection (b) shall apply to contributions made in 
taxable years ending after the date of the enactment 
of this Act. 
Æ 
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