U.S. Senator Ted Cruz (R-TX) is proposing to expand education choice by allowing families to use a type of 529 College Savings Plan for homeschooling and other K-12 education expenses.
The 529 plans allow parents, grandparents, or others to save for the future college expenses of a designated beneficiary. A type of 529 plan known as an education savings plan allows up to $10,000 per year per beneficiary of funds in the plan to be used for tuition at any public, private, or religious elementary or secondary school.
Parents currently cannot use education savings plan funds for expenses related to homeschooling, tutoring for special needs students, apprenticeships, or student loan payments. A retirement reform bill passed unanimously by the House Ways & Means Committee included