Sens. Kyrsten Sinema D-Ariz., and Mitt Romney R-Utah, on Thursday introduced a bipartisan bill which attempts to tackle some student loan debt.
This is the second bipartisan bill the senators proposed together; the first was a bill to raise the federal minimum wage, reported the Hill.
The Earn to Learn Act creates a college-matched savings program which will allow low-income students to pay for college-related expenses through a special savings account.
The special account allows participating states or nonprofits to give an extra $8 to every $1 a student puts into the account.
In the senators’ bill, any state or group that chooses to participate will receive grants to fund financial literacy programs and tuition assistance to others in their state.
The student may withdraw and use the funds once a school is selected and the student attends, reported the Hill.
“We must do better to ensure American students have the skills and training necessary to pursue good-paying jobs that keep up with our changing economy,” Romney said. Our legislation will help students pursue their education by equipping them with the financial resources and knowledge they need to attend college, career and technical schools without the burden of being saddled with debt when they graduate,” reports the Hill.
Sen. Sinema is familiar with a program like this and its apparent success, having participating in a similar one in Arizona that has existed for 10 years. The program helped many students who otherwise qualified for the Pell Grants to participate and graduate debt free.
“Education was my key to opportunity, and I’m committed to ensuring all Arizona students have the same access to higher education that I did,” Sinema said. “Creating a college-matched savings program helps Arizona students save for school while teaching the importance of money management,” she said.
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