U.S. Senator Jim Banks introduce legislation to expand education options for military families

Submitted by Office of U.S. Senator Jim Banks

Banks

Earlier this month, Senators Jim Banks (R-Ind.) and Ted Cruz (R-Texas) introduced the Education Savings Accounts for Military Families Act. This legislation allows military families to opt-in to Military Education Savings Accounts (ESAs) to help fund their children’s education and expand their access to personalized, high-quality learning opportunities.

“This bill supports military readiness by helping attract and retain top talent, ensuring service members don’t have to sacrifice their children’s education,” Sen. Banks said. “I’m proud to partner with Senator Cruz on this commonsense bill.”

Key provisions

• Education Savings Accounts (ESAs) are parent-directed funds that empower families to customize their children’s education. Approved applicants receive $6,000 annually to pursue alternative educational options tailored to their needs.
• Eligible expenses include private school tuition, online learning programs, private tutoring, college preparatory fees, educational services, and therapies, among others.
• Unused funds roll over annually. After high school graduation, remaining funds may be used for college expenses or alternative professional training.

Click here to read the full text of the bill.