SB 1550 - Education Savings Account Program

• Creates the Education Savings Account Program, providing eligible students with accounts funded at 40 percent of the base student allocation under the Florida Education Finance Program to pay for private school tuition, tutoring, dual enrollment programs, or college savings plans.

• Eligible students include those entering kindergarten or first grade, siblings of participating students, students previously counted as full-time equivalent in public schools, and randomly selected students from home education programs or private schools.

• Parents may direct account funds to pay tuition at eligible private schools or virtual schools, hire private tutors, enroll in dual enrollment programs at state or private postsecondary institutions, or contribute to college savings plans or the Florida Prepaid College Program.

• Establishes Department of Education responsibilities including annual enrollment periods (January 1 - March 1), verification of eligible schools and institutions, random audits, and reporting to the Governor and Legislature; Chief Financial Officer must manage participating financial institutions and make quarterly account payments.

• For the 2011-2012 school year only, limits enrollment to July 1-31, restricts eligible students to kindergarten entrants and prior public school students, and caps participation to the number specified in the General Appropriations Act, with random selection if applications exceed available slots.