MN SF4403

Creates an education savings account program allowing students from underperforming public schools (fewer than 60% proficient in reading or math) to attend eligible nonpublic schools using state-funded accounts.

Eligible students must have attended an underperforming public school in the preceding semester; once enrolled in a nonpublic school, they remain eligible in subsequent years regardless of their former school's status.

Each participating student receives an annual deposit equal to 88 percent of the basic formula allowance multiplied by their grade-level weighting, transferred to individual accounts on July 30 each year.

Funds may only be used for tuition and fees at eligible nonpublic schools; remaining funds after high school graduation may be applied to postsecondary institution tuition in the following school year; accounts close and funds return to the general fund if a student re-enrolls in a public or charter school.

Program effective for students enrolling in eligible schools beginning the 2023-2024 school year; commissioner must administer accounts, notify eligible students by October 1 annually, and maintain documentation of expenditures.