Statement written by Christine Cooke in support of HB 354 (Student Prosperity Savings Program Amendments) and submitted to the House Economic Development and Workforce Services Standing Committee of the Utah Legislature.

Last year Sutherland Institute supported the creation of the Student Prosperity Savings Program because it (1) created a tax-advantaged college savings program targeted at students experiencing intergenerational poverty and others who are economically disadvantaged and (2) developed tax incentivizes for private donors to make charitable donations for these students.

HB 354 allows qualifying students to enter this program at an earlier age and grade – capturing students in grades 7 through 12 rather than grades 9 through 12. Research suggests that children with even a small amount of savings ($1-$499) are three times more likely to attend college. We believe that accumulating savings at an earlier age can improve the likelihood that these vulnerable students will access college and break the cycle of poverty.

We encourage you to support HB 354.