New Report Finds Education Savings Accounts Hold Promise for Students

Posted on November 15, 2005 | Type: Press Release
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PHOENIX-The government spends an estimated $100,000 on a child's education by the time he finishes high school, and instead should deposit those funds directly into family-owned and directed Education Savings Accounts, according to a new report released today by the Goldwater Institute.

"Education Savings Accounts begin with the idea that a successful primary education is the foundation of the American dream," writes author Dan Lips, an education policy analyst with the Heritage Foundation and a Goldwater Institute senior fellow. "But," Lips argues, "For millions of students, that dream will not be realized absent reform."

Lips proposes that state or federal policymakers allow families to open an account for each of their children into which government would deposit that student's education funding allotment. Families could deposit additional funds into the accounts, and use the funds for education services such as tuition in private schools, ancillary fees, and even college tuition.

Akin to popular Health Savings Accounts that give patients more control over their health care spending and decisions, Education Savings Accounts could give parents more control over where and how their children are educated and open up more educational opportunities for students. Properly structured, the accounts could also reduce inflationary pressures and soaring costs in the education system. 
Education Savings Accounts follow in the tradition of other family-centered education reforms that have proven popular and effective in Arizona and across America, including charter schools, school vouchers, and education tax credits.

The report, Education Savings Accounts: A Vehicle for School Choice, is available online here.

Contacts:
Ann Seiden, Communications Assistant, Goldwater Institute, (602) 462-5000 x 223, aseiden@goldwaterinstitute.org
Dan Lips, Senior Fellow, Goldwater Institute, (202) 557-9594, dan.lips@heritage.org

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