HB 16-1196 Summary

• Creates the Aspire to College Colorado pilot program in the Department of Human Services to provide college savings accounts to preschool-aged children enrolled in early childhood programs, primarily targeting low-income families.

• State makes an initial $50 deposit into a college savings account administered by CollegeInvest for up to 2,000 eligible children per year for up to 3 years, using existing appropriations.

• Program may be expanded through private donations to include matching funds for family savings, bonuses for regular savings, and financial education for eligible children and families.

• Establishes the Aspire to College Colorado Pilot Program Fund to receive gifts, grants, and donations, with interest and income credited to the fund and money available for program purposes subject to annual appropriation.

• Appropriates $100,000 from the general fund to the Department of Human Services for the 2016-17 fiscal year to implement the program.