HB 2662 would establish a postsecondary educational savings account for all children in Washington State. Funds for the accounts would be provided by the state’s philanthropic sector. Upon the issuance of a birth certificate or a decree of adoption in Washington State, an account would be created for the child with an initial grant deposit of $250. If the beneficiary’s family has an income less than 250% of the federal poverty level, they would be eligible for a one-time matching grant of $279 if the family deposits $250 into the account. In order to make withdrawals from the account the beneficiary must be eighteen years of age or enrolled in an eligible educational institution and less than twenty-nine years of age. Withdrawals may only be made for qualifying educational expenses. The bill would instruct the Student Achievement Council to report to the legislature each biennium regarding data on the number of accounts opened, the average balance of the accounts, the demographic data of account holders, and other relevant data. The bill would instruct the Washington Institute for Public Policy to conduct a program evaluation after six years of its inception and every six years thereafter.
HB 2662 was heard and exec'd in the House Higher Education committee. It was referred to Appropriations but was not heard and therefore is dead.