DES MOINES \u2014 Iowa lawmakers could begin debating as early as Monday the proposal by Gov. Kim Reynolds to establish taxpayer-funded educational savings accounts, which Iowa families could use to pay for private school tuition and other related expenses.<\/p>\n<\/div>\n
The proposal, which has moved through the legislative process at breakneck pace for such a large and complex piece of legislation, has sparked passionate debate.<\/p>\n<\/div>\n
Iowans crowded into the Capitol and packed legislative hearing rooms over the past week to sound off on the fast-tracked proposal, after the idea had failed previously. Some wore bright yellow shirts that read \u201cYES to ESAs.\u201d Others held signs that said “NO VOUCHERS” in bold text and \u201cI support Iowa\u2019s public schools.\u201d<\/p>\n<\/div>\n
More than 1,650 Iowans submitted written comments. House Democrats, who oppose the bill, said 73 percent of the comments submitted online opposed the bill, while 27 percent were in favor.<\/p>\n<\/div>\n
People are also reading\u2026<\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n\nHere\u2019s a rundown of what the bill would do.<\/p>\n<\/div>\n
\nThe proposal would create taxpayer-funded educational savings accounts, valued at $7,598 in the first year \u2014 the amount the state spends per pupil on public K-12 education \u2014 that families could use for private school tuition and other education expenses.<\/p>\n<\/div>\n
\nThe program would be phased in over three years. In the third year, all K-12 students \u2014 including private school students \u2014 would be eligible for the funding, with no income restrictions.<\/p>\n<\/div>\n
\nThe proposal also allows public school districts to use unspent funding from Teacher Leadership and Compensation, Professional Development and Talented and Gifted categorical funds to increase teacher salaries. The governor and House Republicans have said the funding has been underutilized due to the prescriptive nature of the funding and process required to reallocate it.<\/p>\n<\/div>\n
\nHow will that affect funding to public schools?<\/strong><\/p>\n<\/div>\n\nPublic schools would lose out on the per-pupil funding for any students who chooses to attend a private school. School districts, though, would get roughly $1,200 in state funding for each student who lives in the district but attends a private school, regardless of whether the student is a recent transfer or has always attended private school.<\/p>\n<\/div>\n
\nThat\u2019s new funding Reynolds and supporters argue could benefit some districts. But for districts with declining enrollment who lose a student to private school, it would be a net loss of $6,385 per student. While districts would get the estimated $1,205, they also lose the $7,590 state aid per pupil. So for every student who leaves, a district would need five or six already in private schools to make it a wash.<\/p>\n<\/div>\n
\nThe governor\u2019s office estimates roughly 14,000 eligible students would participate in the program in the first year, which would cost the state about $107 million in additional state funds deposited in the accounts for parents enrolling children in a private school this fall.<\/p>\n<\/div>\n
\nReynolds\u2019 office estimates an additional roughly 6,000 students will apply in the second year, which would cost the state roughly $156.2 million that year. By the third year, every Iowa family would qualify to receive an account, regardless of income.<\/p>\n<\/div>\n
\nThe governor’s office estimates nearly 20,000 new students would apply for private school assistance in the third year. That would cost the state roughly $313.8 million in the third year. By full implementation in the fourth year, the governor’s office estimates that the total annual cost of the government-funded scholarships would be roughly $341 million.<\/p>\n<\/div>\n
\nThe governor\u2019s office based its estimate on the assumption that about 1 percent of public school students are likely to transfer.<\/p>\n<\/div>\n
\nIn total, over the course of four years, the plan would cost the state roughly $918 million.<\/p>\n<\/div>\n
\nOver the same time period, the state is estimated to spend $15.2 billion on public education and collect $39.2 billion in overall revenue, with expectations of increasing K-12 spending by roughly 2.5 percent each year, according to Republican budget estimates.<\/p>\n<\/div>\n
\nReynolds has recommended that legislators provide $190 million more to public K-12 schools in the next academic year.<\/p>\n<\/div>\n
\nAccording to the governor\u2019s office, Reynolds\u2019 budget proposal would leave a $2 billion unspent balance in the state\u2019s general fund budget.<\/p>\n<\/div>\n
\nDemocrats note the only information Republicans have provided about the bill’s cost come from their own estimates and those of the governor \u2014 not the non-partisan Legislative Services Agency.<\/p>\n<\/div>\n
\nThe agency has not analyzed the fiscal impacts of the bill, and Democrats have said they\u2019d like to see those estimates before it goes to a floor vote. House Democratic Leader Jennifer Konfrst of Windsor Heights said the agency\u2019s fiscal estimate may come Monday.<\/p>\n<\/div>\n
\nHouse Speaker Pat Grassley, R-New Hartford, said he\u2019d like to see the fiscal estimate, but he pointed to the numbers coming out of the governor\u2019s office and said Republicans have been transparent about the cost of the program.<\/p>\n<\/div>\n
\n\n- All kindergarten students<\/li>\n
- All public school students<\/li>\n
- Private school students at or below 300 percent of the federal poverty level ($83,250 for a family of four)<\/li>\n<\/ul>\n<\/div>\n\n
\n- All kindergarten students<\/li>\n
- All public school students<\/li>\n
- Private school students at or below 400 percent of the federal poverty level ($111,000 for a family of four)<\/li>\n<\/ul>\n<\/div>\n\n
\n- All K-12 students in Iowa, regardless of income<\/li>\n<\/ul>\n<\/div>\n\n
What expenses would the law allow?<\/strong><\/p>\n<\/div>\n\nThe money is to be spent on private school tuition or other expenses, like private tutoring, textbooks or school-related fees or payments for \u201ceducational therapies.\u201d That includes fees for private online classes; vocation and life-skills classes approved by the Iowa Department of Educations; materials and services for students with a disability from an accredited provider, including the cost of paraprofessionals and assistants; standardized test fees; and advanced-placement exams for college-level courses offered by high schools.<\/p>\n<\/div>\n
\nThe money is not to be spent on food, clothing, transportation or disposable school supplies, like pencils and paper, according to the bill\u2019s sponsor.<\/p>\n<\/div>\n
When do the accounts expire and what happens with leftover money?<\/h4>\n<\/p>\n\nMoney remains in a student\u2019s individual account until he or she graduates high school, turns 21 or is removed from a private school, whichever occurs first. Any leftover money is transferred to the Iowa Department of Education to be deposited into the state\u2019s general fund.<\/p>\n<\/div>\n
\nHow will this new program be administered?<\/strong><\/p>\n<\/div>\n\nSimilar to the state\u2019s \u201c529\u201d College Savings Iowa Plans, which are managed by investment company Vanguard and overseen by the Iowa State Treasurer’s Office, the accounts would be created in the state treasury under the control of the Iowa Department of Education. A private company would administer the program and oversee those payments.<\/p>\n<\/div>\n
\nFunding for the savings account would come from money appropriated to the Department of Education from the state\u2019s general fund.<\/p>\n<\/div>\n
\nClassWallet administers Arizona\u2019s school voucher program, which has faced questions about lax financial oversight in recent years, and is registered in support of Reynolds\u2019 bill.<\/p>\n<\/div>\n
\nErin Murphy of The Gazette Des Moines Bureau contributed.<\/em><\/p>\n<\/div>\n On Iowa Politics Podcast: Private school assistance, LGBTQ legislation, death penalty debate<\/a><\/div>\n\n
<\/p>\nStudents are listening to music while they study and it is helping their grades. Buzz60\u2019s Keri Lumm shares the results of a new study conducted by OnePoll on behalf of CSU Global.<\/p>\n
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How student loan forgiveness could boost Black homeownership rates<\/h3>\n
<\/p>\n\nHow student loan forgiveness could boost Black homeownership rates<\/h3>\n\n\n\n
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\n ![\"How](\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAQAAAADCAQAAAAe\/WZNAAAAEElEQVR42mM8U88ABowYDABAxQPltt5zqAAAAABJRU5ErkJggg==\")
\n <\/div>\n<\/p><\/div>\n <\/p>\nSix in 10 millennials who don’t own a home say it’s because of student loan debt, according to a 2021 survey from the National Association of Realtors<\/a>.<\/p>\nCollege costs skyrocketed in the last two decades. Average tuition between 2010-11 and 2020-21 school years<\/a> rose nearly 31% at public universities and more than 41% at private universities, according to the Education Data Initiative. Students now pay an average of $35,551 a year.<\/p>\nThis debt has worsened the racial homeownership gap, which has widened over decades of discriminatory lending practices, racist housing policies, and barriers to wealth for Black Americans and other people of color. These trends led higher numbers of students from marginalized communities to assume additional financial risk for a college degree.<\/p>\n
For many, loans make college possible. More than 45 million people in 2020 had student loan debt<\/a>, averaging $37,693 per person, per Education Data Initiative. These costs have made it difficult for many to afford a down payment on a home. The homeownership rate falls by nearly 2 percentage points for every additional $1,000 in student loan debt a borrower holds, according to the Federal Reserve<\/a>.<\/p>\nStacker<\/a> examined data from the Federal Reserve<\/a> and the Department of Education<\/a> to see how federal student loan forgiveness could boost U.S. homeownership rates, particularly among Black Americans.<\/p>\nBecause Black Americans have historically been unable to build wealth as easily as their non-Black counterparts, they’re relying more on loans to obtain big-ticket items like higher education and homeownership. Higher student loan payments and interest rates hinder their ability to buy a home and can trap them in a cycle of inequality. In August 2022, the Biden administration announced it would forgive $10,000 in student loan debt, affecting about 43 million borrowers.<\/p>\n
Keep reading to see the effect of student loan forgiveness on Black homeownership rates in the U.S.<\/p>\n
You may also like:<\/strong> 30 college majors that didn’t exist 50 years ago<\/a><\/p>\n![](\"https:\/\/analytics.stacker.com\/tracking\/a4ca7298-ee7a-4ee1-b2a1-08e7ecdfcb66\/pixel.gif?source=feed\")
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\n fizkes \/\/ Shutterstock
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\n <\/figcaption><\/figure>\n<\/div>\n<\/p>\n\nAmericans hold more than $1.7 trillion in student loan debt<\/h3>\n\n\n\n
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\n \n <\/div>\n<\/p><\/div>\n <\/p>\nStudent loan debt has nearly tripled since 2006.<\/p>\n
Although total debt continues to increase, the growth rate decelerated considerably<\/a>. In 2013, the year-over-year change was 12.1%; last year, it was 0.31%.<\/p>\nThe federal government paused federal student loan payments during the pandemic, which set interest rates at 0% and allowed borrowers to skip loan payments without the risk of late fees or default. This policy helped 4.7 million people<\/a> lower their balances, but it’s due to expire at the end of 2022.<\/p>\n <\/span><\/p>\n
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\n <\/figcaption><\/figure>\n<\/div>\n<\/p>\n\nBlack and Hispanic students are more likely to have student loan debt<\/h3>\n\n\n\n
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\n \n <\/div>\n<\/p><\/div>\n <\/p>\nA Brookings Institute analysis found that Black Americans face a cycle of inequality<\/a> when paying for higher education. The report found that Black American households cannot build wealth at the same rate as non-Black households. This finding also means Black students borrow more money for college and have higher loan payments upon graduation, which reduces their opportunities to build wealth during their prime earning years.<\/p>\nHispanic Americans also experience a wealth gap, which fuels the need to take out more in student loans, according to UnidosUS<\/a>. Many Hispanic Americans are also first-generation college students, which can make it difficult for them to navigate the financial aid system.<\/p>\n <\/span><\/p>\n
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\n <\/figcaption><\/figure>\n<\/div>\n<\/p>\n\nBlack Americans have lower homeownership rates<\/h3>\n\n\n\n
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\n \n <\/div>\n<\/p><\/div>\n <\/p>\nThe Black homeownership rate (43.4%) lags considerably behind white Americans (72.1%) and has declined by nearly 1 percentage point since 2010, according to the National Association of Realtors<\/a>. In fact, that gap is wider today<\/a> than when the Fair Housing Act<\/a> was passed in 1968.<\/p>\nBlack households also lag in earnings, making only 61 cents for every dollar that comparable white households earn, according to an analysis by the Economic Policy Institute<\/a> of the latest Census Bureau data. With lower earnings on average, Black Americans are denied mortgages at double the national average, according to a 2022 LendingTree<\/a> study.<\/p>\nBlack Americans will often seek higher education to help increase their earning potential. Still, it’s hard to take on more debt when student loan debt payments make up a significant portion of a monthly budget. Due to student loan debt, nearly half of Black Americans said they would likely delay homeownership<\/a>.<\/p>\n <\/span><\/p>\n
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\n <\/figcaption><\/figure>\n<\/div>\n<\/p>\n\nWhat student loan forgiveness could mean for Black Americans<\/h3>\n\n\n\n
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\n \n <\/div>\n<\/p><\/div>\n <\/p>\nBlack Americans face disparities in wealth building, and student loans have exacerbated that issue. More than half of Black American households with student loan debt have no or negative net worth, about twice as much as those with no student debt, according to a Brookings Institute analysis<\/a>.<\/p>\nStudent loan forgiveness would not eliminate the racial wealth gap but could significantly reduce it. Loan forgiveness may also present more opportunities for Black Americans to afford homes and build intergenerational wealth consistent with the American Dream.<\/p>\n
<\/span><\/p>\n
\n
Here\u2019s a rundown of what the bill would do.<\/p>\n<\/div>\n
The proposal would create taxpayer-funded educational savings accounts, valued at $7,598 in the first year \u2014 the amount the state spends per pupil on public K-12 education \u2014 that families could use for private school tuition and other education expenses.<\/p>\n<\/div>\n
The program would be phased in over three years. In the third year, all K-12 students \u2014 including private school students \u2014 would be eligible for the funding, with no income restrictions.<\/p>\n<\/div>\n
The proposal also allows public school districts to use unspent funding from Teacher Leadership and Compensation, Professional Development and Talented and Gifted categorical funds to increase teacher salaries. The governor and House Republicans have said the funding has been underutilized due to the prescriptive nature of the funding and process required to reallocate it.<\/p>\n<\/div>\n
How will that affect funding to public schools?<\/strong><\/p>\n<\/div>\n Public schools would lose out on the per-pupil funding for any students who chooses to attend a private school. School districts, though, would get roughly $1,200 in state funding for each student who lives in the district but attends a private school, regardless of whether the student is a recent transfer or has always attended private school.<\/p>\n<\/div>\n That\u2019s new funding Reynolds and supporters argue could benefit some districts. But for districts with declining enrollment who lose a student to private school, it would be a net loss of $6,385 per student. While districts would get the estimated $1,205, they also lose the $7,590 state aid per pupil. So for every student who leaves, a district would need five or six already in private schools to make it a wash.<\/p>\n<\/div>\n The governor\u2019s office estimates roughly 14,000 eligible students would participate in the program in the first year, which would cost the state about $107 million in additional state funds deposited in the accounts for parents enrolling children in a private school this fall.<\/p>\n<\/div>\n Reynolds\u2019 office estimates an additional roughly 6,000 students will apply in the second year, which would cost the state roughly $156.2 million that year. By the third year, every Iowa family would qualify to receive an account, regardless of income.<\/p>\n<\/div>\n The governor’s office estimates nearly 20,000 new students would apply for private school assistance in the third year. That would cost the state roughly $313.8 million in the third year. By full implementation in the fourth year, the governor’s office estimates that the total annual cost of the government-funded scholarships would be roughly $341 million.<\/p>\n<\/div>\n The governor\u2019s office based its estimate on the assumption that about 1 percent of public school students are likely to transfer.<\/p>\n<\/div>\n In total, over the course of four years, the plan would cost the state roughly $918 million.<\/p>\n<\/div>\n Over the same time period, the state is estimated to spend $15.2 billion on public education and collect $39.2 billion in overall revenue, with expectations of increasing K-12 spending by roughly 2.5 percent each year, according to Republican budget estimates.<\/p>\n<\/div>\n Reynolds has recommended that legislators provide $190 million more to public K-12 schools in the next academic year.<\/p>\n<\/div>\n According to the governor\u2019s office, Reynolds\u2019 budget proposal would leave a $2 billion unspent balance in the state\u2019s general fund budget.<\/p>\n<\/div>\n Democrats note the only information Republicans have provided about the bill’s cost come from their own estimates and those of the governor \u2014 not the non-partisan Legislative Services Agency.<\/p>\n<\/div>\n The agency has not analyzed the fiscal impacts of the bill, and Democrats have said they\u2019d like to see those estimates before it goes to a floor vote. House Democratic Leader Jennifer Konfrst of Windsor Heights said the agency\u2019s fiscal estimate may come Monday.<\/p>\n<\/div>\n House Speaker Pat Grassley, R-New Hartford, said he\u2019d like to see the fiscal estimate, but he pointed to the numbers coming out of the governor\u2019s office and said Republicans have been transparent about the cost of the program.<\/p>\n<\/div>\n What expenses would the law allow?<\/strong><\/p>\n<\/div>\n The money is to be spent on private school tuition or other expenses, like private tutoring, textbooks or school-related fees or payments for \u201ceducational therapies.\u201d That includes fees for private online classes; vocation and life-skills classes approved by the Iowa Department of Educations; materials and services for students with a disability from an accredited provider, including the cost of paraprofessionals and assistants; standardized test fees; and advanced-placement exams for college-level courses offered by high schools.<\/p>\n<\/div>\n The money is not to be spent on food, clothing, transportation or disposable school supplies, like pencils and paper, according to the bill\u2019s sponsor.<\/p>\n<\/div>\n Money remains in a student\u2019s individual account until he or she graduates high school, turns 21 or is removed from a private school, whichever occurs first. Any leftover money is transferred to the Iowa Department of Education to be deposited into the state\u2019s general fund.<\/p>\n<\/div>\n How will this new program be administered?<\/strong><\/p>\n<\/div>\n Similar to the state\u2019s \u201c529\u201d College Savings Iowa Plans, which are managed by investment company Vanguard and overseen by the Iowa State Treasurer’s Office, the accounts would be created in the state treasury under the control of the Iowa Department of Education. A private company would administer the program and oversee those payments.<\/p>\n<\/div>\n Funding for the savings account would come from money appropriated to the Department of Education from the state\u2019s general fund.<\/p>\n<\/div>\n ClassWallet administers Arizona\u2019s school voucher program, which has faced questions about lax financial oversight in recent years, and is registered in support of Reynolds\u2019 bill.<\/p>\n<\/div>\n Erin Murphy of The Gazette Des Moines Bureau contributed.<\/em><\/p>\n<\/div>\n Students are listening to music while they study and it is helping their grades. Buzz60\u2019s Keri Lumm shares the results of a new study conducted by OnePoll on behalf of CSU Global.<\/p>\n <\/span>
How student loan forgiveness could boost Black homeownership rates<\/h3>\n <\/p>\n <\/p>\n Six in 10 millennials who don’t own a home say it’s because of student loan debt, according to a 2021 survey from the National Association of Realtors<\/a>.<\/p>\n College costs skyrocketed in the last two decades. Average tuition between 2010-11 and 2020-21 school years<\/a> rose nearly 31% at public universities and more than 41% at private universities, according to the Education Data Initiative. Students now pay an average of $35,551 a year.<\/p>\n This debt has worsened the racial homeownership gap, which has widened over decades of discriminatory lending practices, racist housing policies, and barriers to wealth for Black Americans and other people of color. These trends led higher numbers of students from marginalized communities to assume additional financial risk for a college degree.<\/p>\n For many, loans make college possible. More than 45 million people in 2020 had student loan debt<\/a>, averaging $37,693 per person, per Education Data Initiative. These costs have made it difficult for many to afford a down payment on a home. The homeownership rate falls by nearly 2 percentage points for every additional $1,000 in student loan debt a borrower holds, according to the Federal Reserve<\/a>.<\/p>\n Stacker<\/a> examined data from the Federal Reserve<\/a> and the Department of Education<\/a> to see how federal student loan forgiveness could boost U.S. homeownership rates, particularly among Black Americans.<\/p>\n Because Black Americans have historically been unable to build wealth as easily as their non-Black counterparts, they’re relying more on loans to obtain big-ticket items like higher education and homeownership. Higher student loan payments and interest rates hinder their ability to buy a home and can trap them in a cycle of inequality. In August 2022, the Biden administration announced it would forgive $10,000 in student loan debt, affecting about 43 million borrowers.<\/p>\n Keep reading to see the effect of student loan forgiveness on Black homeownership rates in the U.S.<\/p>\n You may also like:<\/strong> 30 college majors that didn’t exist 50 years ago<\/a><\/p>\n <\/span><\/p>\n <\/p>\n <\/p>\n Student loan debt has nearly tripled since 2006.<\/p>\n Although total debt continues to increase, the growth rate decelerated considerably<\/a>. In 2013, the year-over-year change was 12.1%; last year, it was 0.31%.<\/p>\n The federal government paused federal student loan payments during the pandemic, which set interest rates at 0% and allowed borrowers to skip loan payments without the risk of late fees or default. This policy helped 4.7 million people<\/a> lower their balances, but it’s due to expire at the end of 2022.<\/p>\n <\/span><\/p>\n <\/p>\n <\/p>\n A Brookings Institute analysis found that Black Americans face a cycle of inequality<\/a> when paying for higher education. The report found that Black American households cannot build wealth at the same rate as non-Black households. This finding also means Black students borrow more money for college and have higher loan payments upon graduation, which reduces their opportunities to build wealth during their prime earning years.<\/p>\n Hispanic Americans also experience a wealth gap, which fuels the need to take out more in student loans, according to UnidosUS<\/a>. Many Hispanic Americans are also first-generation college students, which can make it difficult for them to navigate the financial aid system.<\/p>\n <\/span><\/p>\n <\/p>\n <\/p>\n The Black homeownership rate (43.4%) lags considerably behind white Americans (72.1%) and has declined by nearly 1 percentage point since 2010, according to the National Association of Realtors<\/a>. In fact, that gap is wider today<\/a> than when the Fair Housing Act<\/a> was passed in 1968.<\/p>\n Black households also lag in earnings, making only 61 cents for every dollar that comparable white households earn, according to an analysis by the Economic Policy Institute<\/a> of the latest Census Bureau data. With lower earnings on average, Black Americans are denied mortgages at double the national average, according to a 2022 LendingTree<\/a> study.<\/p>\n Black Americans will often seek higher education to help increase their earning potential. Still, it’s hard to take on more debt when student loan debt payments make up a significant portion of a monthly budget. Due to student loan debt, nearly half of Black Americans said they would likely delay homeownership<\/a>.<\/p>\n <\/span><\/p>\n <\/p>\n <\/p>\n Black Americans face disparities in wealth building, and student loans have exacerbated that issue. More than half of Black American households with student loan debt have no or negative net worth, about twice as much as those with no student debt, according to a Brookings Institute analysis<\/a>.<\/p>\n Student loan forgiveness would not eliminate the racial wealth gap but could significantly reduce it. Loan forgiveness may also present more opportunities for Black Americans to afford homes and build intergenerational wealth consistent with the American Dream.<\/p>\n <\/span><\/p>\n \n
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When do the accounts expire and what happens with leftover money?<\/h4>\n<\/p>\n
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How student loan forgiveness could boost Black homeownership rates<\/h3>\n
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\n <\/figcaption><\/figure>\n<\/div>\nWhat student loan forgiveness could mean for Black Americans<\/h3>\n
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