Kildee, Walberg Introduce Legislation to Expand Educational Saving Opportunities
February 13, 2017
U.S. Representatives Dan Kildee (MI-05) and Tim Walberg (MI-07) have reintroduced the Helping Families Save for Education Act, bipartisan legislation to give families increased opportunities to save for and afford the rising cost of education. H.R. 999 will expand the annual contribution limits on Coverdell Education Savings Accounts from $2,000 to $10,000 and increase the age of eligibility from 18 to 22 years old. Earnings in Coverdell ESAs grow tax-free and can be use on tuition, books, and other educational expenses.
“Our competitiveness in a global economy relies on ensuring Michiganders can afford to go to college. Allowing families to save more money is one of the ways we can make higher education possible. The Helping Families Save for Education Act will make it easier for working families and students to save money in order to pay for tuition and educational expenses,” said Congressman Dan Kildee.
“Obtaining a degree provides such a valuable foundation for our children’s future and a successful career,” said Congressman Walberg. “As the mounting cost of higher education puts a strain on family budgets, we must tackle this challenge and give Michigan families greater flexibility to plan and save for college. The Helping Families Save for Education Act is an important bipartisan step to help expand saving opportunities as students pursue the best path for their education.”