American Dream Accounts Act of 2013
Latest action (23 May 2013): Introduced
What this bill does
The American Dream Accounts Act of 2013 would authorize the Secretary of Education to award competitive grants to states, school districts, charter schools, colleges, nonprofits, or partnerships of these ("eligible entities") to create "American Dream Accounts" for groups of at least 30 low-income public school students in ninth grade or below. Each account would combine an online tool for tracking a student's college readiness (grades, attendance, progress reports) with a college savings account whose funds could only be used for higher-education costs such as tuition, room and board, books, and internet access. Grants would last up to three years, with a possible two-year extension, and the bill sets application requirements, privacy protections, and restrictions, including a ban on using account data for marketing and a rule that grant funds cannot cover the initial savings deposit.
The bill primarily affects low-income students (those eligible for free or reduced-price school lunch), their families, schools, and organizations that might apply to run these programs. It also specifies that funds in these college savings accounts would not count against a student's eligibility for federal financial aid.
The bill authorizes $3 million for fiscal year 2013 and further sums as needed afterward. It was introduced by Rep. Chaka Fattah on May 23, 2013, referred to the House Committee on Education and the Workforce, and did not receive a vote, so it did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
American Dream Accounts Act of 2013 - Authorizes the Secretary of Education to award competitive grants to eligible entities so each can establish and administer American Dream Accounts for a group of at least 30 low-income public school students who, at the time the entities apply for a grant, are attending a grade no higher than ninth grade.
Lists as eligible entities: (1) state educational agencies, (2) local educational agencies, (3) charter schools, (4) charter management organizations, (5) institutions of higher education (IHEs), (6) nonprofit organizations, (7) entities experienced in educational savings or assisting low-income students attain higher education, and (8) consortia of two or more of these entities.
Describes an American Dream Account as a personal online account for low-income students that monitors their progress toward higher education and includes a college savings account that provides some tax-preferred accumulation.
Requires American Dream Accounts to provide students with opportunities, either online or in person, to: (1) attain financial literacy; (2) learn about preparing for enrollment in an IHE; and (3) identify their skills or interests, including career interests.
Requires grantees, subject to federal privacy laws and regulations, to allow vested stakeholders to have secure Internet access to an American Dream Account, but not the college savings account portion of that Account.
Prohibits grantees from using their grant to provide the initial deposit into the college savings account portion of a student's American Dream Account.
Prohibits the funds in those college savings accounts from being considered in making federal student financial aid determinations.
Common questions
- What does H.R. 2155 do?
- The American Dream Accounts Act of 2013 would authorize the Secretary of Education to award competitive grants to states, school districts, charter schools, colleges, nonprofits, or partnerships of these ("eligible entities") to create "American Dream Accounts" for groups of at least 30 low-income public school students in ninth grade or below. Each account would combine an online tool for tracking a student's college readiness (grades, attendance, progress reports) with a college savings account whose funds could only be used for higher-education costs such as tuition, room and board, books, and internet access. Grants would last up to three years, with a possible two-year extension, and the bill sets application requirements, privacy protections, and restrictions, including a ban on using account data for marketing and a rule that grant funds cannot cover the initial savings deposit. The bill primarily affects low-income students (those eligible for free or reduced-price school lunch), their families, schools, and organizations that might apply to run these programs. It also specifies that funds in these college savings accounts would not count against a student's eligibility for federal financial aid. The bill authorizes $3 million for fiscal year 2013 and further sums as needed afterward. It was introduced by Rep. Chaka Fattah on May 23, 2013, referred to the House Committee on Education and the Workforce, and did not receive a vote, so it did not become law.
- Has H.R. 2155 become law?
- Not yet. As of 23 May 2013, H.R. 2155 is introduced.
- Who sponsored H.R. 2155?
- H.R. 2155 was sponsored by Rep. Chaka Fattah [D-PA2, 1995-2016] (Democrat-PA), with 1 cosponsor.
- What's the latest action on H.R. 2155?
- Introduced (23 May 2013).
Related bills in Education
Expressing support for the designation of the week of September 13 through September 19, 2026, as “Community School Coordinators Appreciation Week”.
Data Science and Literacy Act of 2026
To direct the Secretary of Education to conduct a study on the efforts of States, local educational agencies, and public elementary and secondary schools to educate students about the terrorist attacks of September 11, 2001, and for other purposes.
Expressing support for the designation of September 2026 as National Campus Sexual Assault Awareness Month.
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.