Bill > HF2908

This bill establishes a statewide children's savings account program called MinneKIDS designed to help Minnesota children save for higher education. The program will automatically create a savings account for every eligible child born in Minnesota after July 1, 2026, with an initial $50 seed deposit, and an additional $50 for children from low-income households. Parents can opt out of the program, and the accounts will be owned by the state until used for qualified higher education expenses. The accounts can only be used for post-secondary education expenses and must be used by the time the child turns 26, with any unused funds being forfeited back to the state. The bill also creates a local partner grant program to help communities develop outreach and education efforts around college savings, with grants available for both program design and implementation. Eligible entities like local governments, Tribal governments, philanthropic organizations, and nonprofits can receive grants to support and promote the program. The bill requires the Office of Higher Education to provide a comprehensive report on the program's implementation by February 15, 2028, and includes appropriations to fund the program's initial setup and operation.

Education

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2908&ssn=0&y=2025