Cruz, Banks try again to create school savings accounts for military families

Military families would be able to deposit $6,000 a year into the account, which could be used for private schools, tutoring and similar expenses.

By Madeleine Hubbard

Published: January 25, 2023 7:09am

Updated: January 25, 2023 7:44am

Sen. Ted Cruz and Rep. Jim Banks, Republicans, have reintroduced the Education Savings Accounts for Military Families Act, which would allow military families to opt-in to savings accounts to help fund their children's education.

"With over one-third of military parents listing dissatisfaction with educational options for their children as a factor in their decision to discharge from the military, it is time for a change," Cruz, of Texas, said in an announcement about the bill Tuesday.

Military families would be able to deposit $6,000 a year into the account, which could then be used for private schools, tutoring, online learning programs and similar expenses. When the child graduates high school, the remaining funding can be used to finance higher education or professional training.

"Roughly a third of military families feel as though the quality of their children’s education is so inadequate that they’ve considered quitting. This is both a serious national-security issue and a moral issue," said Banks, of Indiana.

GOP Sens. Mike Braun (Ind.) and Tim Scott (S.C.) cosponsored the bill. In 2021, Cruz, Scott and Braun cosponsored the same act. Rep. Banks previously introduced the bill in 2018, 2019 and 2021.