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No significant fiscal implication to the State.
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.
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).