Rep Walberg (R-MI) and Rep Dan Kildee (D-MI) have introduced bipartisan legislation to expand Coverdell Savings Accounts. H.R. 2006, the Helping Families Save for Education Act will increase the amount individuals can contribute from $2,000 a year to $10,000 and increase the age of eligibility from 18 to 22.
Rep Walberg released the following statement after its introduction:
"With education costs on the rise, we need to do everything we can to make it more affordable. The Helping Families Save for Education Act does just what it says-- helps students and families save money for a longer time to help pay for tuition, books and other educational expenses. Parents should have more opportunities to set aside finances for their children's education."
"The cost of education continues to rise, and we must ensure that hardworking Michiganders have greater opportunities to save money for college. The Helping Families Save for Education Act will increase existing caps and allow working families and students to save money for their higher education. Ensuring students obtain a college degree is vital to ensuring Michigan's competitiveness in a global economy, and allowing them to save more money is one of the ways we can make educational attainment possible," commented Rep Kildee.