H.R. 10097 — Earn to Learn Act

This section states congressional findings that student loan debt exceeds $1.7 trillion with more than 3,000 daily defaults, that Pell Grant purchasing power has declined amid rising public higher education costs, and that nearly three in four students faced unmet need in academic year 2015–2016. It further finds that loan payments displace retirement savings and homeownership, that two in three bachelor's degree holders view their education as a good investment compared with three in ten non-completers, and that a new financial aid approach is needed for low-income students.

This section establishes the purposes of the Act to create a matched savings program for low-income students, supplement traditional financial aid, provide financial empowerment training and success coaching, and help students develop financial habits, prepare for post-graduation financial practices, and minimize student loan debt.

This section defines terms used throughout the Act, including 529 accounts, eligible educational institutions (institutions of higher education or area career and technical education schools), eligible entities (states or nonprofit organizations), eligible students (low-income individuals admitted to such institutions who complete personal finance training and agree to contribute savings), postsecondary education match savings accounts (custodial or 529 accounts), financial capability training platforms, success coaching models, and related reporting and program tools.

This section establishes a postsecondary education match savings account demonstration grant program. It directs the Secretary to award competitive grants of up to $10 million (or the amount of committed non-Federal matching funds, whichever is less) to eligible entities within 9 months of enactment, requiring a 1:1 non-Federal match and providing an $8 match for each dollar a participating student or family deposits after the first $100. It ensures that program participation and account funds do not affect eligibility for Federal Pell Grants or other title IV student aid.