Sec. 3. Definitions

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this Act: The term American Dream Account means a personal online account for low-income students that monitors higher education readiness and includes a college savings account. The term appropriate committees of Congress means the Committee on Health, Education, Labor, and Pensions, the Committee on Appropriations, and the Committee on Finance of the Senate, and the Committee on Education and the Workforce, the Committee on Appropriations, and the Committee on Ways and Means of the House of Representatives, as well as any other Committee of the Senate or House of Representatives that the Secretary determines appropriate.

The term charter school has the meaning given such term in section 5210 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7221i ). The term college savings account means a trust created or organized exclusively for the purpose of paying the qualified expenses of only an individual who, when the trust is created or organized, has not obtained 18 years of age, if the written governing instrument creating the trust contains the following requirements: The trustee is a federally insured financial institution, or a State insured financial institution if a federally insured financial institution is not available.

The assets of the trust will be invested in accordance with the direction of the individual or of a parent or guardian of the individual, after consultation with the entity providing the initial contribution to the trust or, if applicable, a matching or other contribution for the individual. The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. Any amount in the trust that is attributable to an account seed or matched deposit may be paid or distributed from the trust only for the purpose of paying qualified expenses of the individual.

The term dual or concurrent enrollment program means a program of study— provided by an institution of higher education through which a student who has not graduated from high school with a regular high school diploma (as defined in 34 C.F.R. 200.19(b)(1)(iv), as such section was in effect on November 28, 2008) is able to earn postsecondary credit; and that shall consist of not less than 2 postsecondary credit-bearing courses and support and academic services that help a student persist and complete such courses.

The term early college high school program means a formal partnership between at least 1 local educational agency and at least 1 institution of higher education that allows participants, who are primarily low-income students, to simultaneously complete requirements toward earning a regular high school diploma (as defined in 34 C.F.R. 200.19(b)(1)(iv), as such section was in effect on November 28, 2008) and earn not less than 12 transferable credits as part of an organized course of study toward a postsecondary degree or credential.

The term eligible entity means— a State educational agency; a local educational agency, including a charter school that operates as its own local educational agency; a charter management organization or charter school authorizer; an institution of higher education or a Tribal College or University; a nonprofit organization; an entity with demonstrated experience in educational savings or in assisting low-income students to prepare for, and attend, an institution of higher education; a consortium of 2 or more of the entities described in subparagraphs

(A)through (F); or a consortium of 1 or more of the entities described in subparagraphs

(A)through

(F)and a public school, a charter school, a school operated by the Bureau of Indian Affairs, or a tribally controlled school. The term institution of higher education has the meaning given such term in section 101(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1001(a) ). The term local educational agency has the meaning given such term in section 9101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). The term low-income student means a student who is eligible to receive a free or reduced price lunch under the Richard B. Russell National School Lunch Act ( 42 U.S.C. 1751 et seq. ). The term parent has the meaning given such term in section 9101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). The term qualified expenses means, with respect to an individual, expenses that— are incurred after the individual receives a secondary school diploma or its recognized equivalent; and are associated with attending an institution of higher education, including— tuition and fees; room and board; textbooks; supplies and equipment; and Internet access. The term Secretary means the Secretary of Education. The term State educational agency has the meaning given such term in section 9101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). The term Tribal College or University has the meaning given such term in section 316(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1059c(b) ). The term tribally controlled school has the meaning given such term in section 5212 of the Tribally Controlled Schools Act of 1988 ( 25 U.S.C. 2511 ).

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