Oklahoma Education Savings Account Act (HB 2003) Summary

• Creates the Education Savings Account Program beginning with the 2015-2016 school year, allowing parents of eligible students to receive state education funds in individual accounts for qualified educational expenses.

• Eligible students include those from low-income households (up to 2x federal free/reduced lunch threshold) enrolled in or eligible for public school, plus students participating in the Lindsey Nicole Henry Scholarships for Students with Disabilities Program and military-connected children.

• Eligible account uses include tuition at private schools, virtual schools, or postsecondary institutions; educational materials and curricula; tutoring; educational therapies; public school services; and standardized testing fees; prohibited uses include computer equipment purchases, routine transportation, and consumable supplies.

• Annual funding amounts deposited to accounts range from 60-90% of State Aid factors based on household income level, with the State Department of Education retaining 5% of total funds for administrative costs and the Treasurer receiving 1% for account management.

• Requires annual account renewal with standardized test results, establishes compliance procedures with suspension and appeal processes, prohibits schools from rebating funds, and mandates an independent study comparing participating students' academic gains to similar public school students beginning in year three.