Bill > SF3120

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 $50 seed account for every eligible child born on or after July 1, 2026, with an additional $50 for children from low-income households. Parents can opt out of the program, and the accounts will be managed by the Office of Higher Education. Eligible children can use the funds for qualified higher education expenses at an eligible institution, but must use the money by age 26 or forfeit the funds back to the program. The bill also creates a local partner grant program that will provide funding to local governments, Tribal governments, philanthropic entities, and nonprofit organizations to develop outreach and education programs to support college savings. Grantees will be selected based on factors like serving low-income communities, geographic diversity, and the potential to expand college savings participation. The commissioner must provide a comprehensive report on the program's implementation by February 15, 2028, detailing expenditures, account openings, contributions, and recommendations for improvement. The bill includes appropriations to fund the program's initial implementation.

Education

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3120&ssn=0&y=2025