Earn to Learn Act

The Earn to Learn Act establishes a federal demonstration grant program that provides low-income students with matched savings accounts to help pay for postsecondary education. Under this mechanism, states or nonprofit organizations receive grants to match student contributions at a rate of $8 for every $100 deposited, while also providing financial literacy training and success coaching. The bill explicitly ensures that participation in the program does not reduce a student's eligibility for Federal Pell Grants or other federal student aid. It authorizes $100 million annually for five years to fund these grants, which are capped at $10 million per recipient, and requires the Department of Education to report on the program's impact on savings rates and educational retention.