Jeb Bush on Monday outlined a plan to overhaul education that seeks to diminish the federal role while providing more incentive for people to save. Coming on Martin Luther King Day, Bush said, “access to a quality education is the great civil rights challenge of our time.”
Create Education Savings Accounts to replace 529 college savings plans. The ESA’s would provide tax-free savings accounts for any level of education. Parents, relatives, and employers could contribute as well as government and charities.
Consolidate $22 billion annual in federal dollars used on more than 40 current programs for low-income students and allow states to deposit $2,500 annual scholarships in an Education Savings Account for child under five.