Bill Caption

Relating to programs in public schools designed to facilitate planning and saving for higher education and facilitate personal financial literacy instruction.

Fiscal Notes

No significant fiscal implication to the State.

Local Government

A school district or open-enrollment charter school would be able to establish a school-based saving program to promote awareness of saving for higher education and to facilitate personal financial literacy instruction. School districts could incur minor costs to establish and maintain partnerships with appropriate entities.

Bill Analysis

HB 3987 would allow a school district or open-enrollment charter school to establish a school-based saving program to promote awareness of saving for higher education and to facilitate personal financial literacy instruction. A district or charter school would be allowed to offer the program in conjunction with a personal financial literacy course. The bill would provide for the ability to partner with an appropriate institution to carry out the aims of this legislation.

School-based accounts would be exempt from determining eligibility for the TEXAS grant program or other state-funded financial assistance; household income requirements for Department of Health and Human Services financial assistance programs; and family income and resource requirements for eligibility for the supplemental nutrition assistance program (SNAP).

Vote Recommendation Notes

This new program would expand the role of public education into an area that is not relevant to the core mission of primary education. Public education should focus on getting better at the basics and not adding new things that distract from the core components of primary education. For this reason we oppose HB 3987.