Relating to determination of eligibility for public benefits of higher education savings account owner; and prescribing an effective date.
Catchline/Summary:
Specifies that amount in account established for higher education expenses is disregarded for purposes of determining account owner's financial eligibility to receive assistance or benefit authorized by law, other than means-tested state financial aid for higher education, to extent permitted under federal law. Specifies that amount in account established for higher education expenses is disregarded for purposes of determining account owner's financial eligibility to receive assistance or benefit authorized by law, other than means-tested state financial aid for higher education, to extent permitted under federal law.
Directs Higher Education Coordinating Commission to study potential effects on financial aid programs of excluding amounts in accounts established for higher education expenses from determination of expected family contributions and to study policies to incentivize saving for higher education expenses among families at or below median income.
Applies to eligibility determinations made on or after January 1, 2019.
Takes effect on 91st day following adjournment sine die.
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