1. Short title This Act may be cited as the American Dream Accounts Act . 2. Findings Congress finds the following: (1) Only 9.8 out of every 100 individuals from low-income families will graduate from an institution of higher education before reaching the age of 24. (2) Lack of knowledge about how to apply to, and pay for, an institution of higher education is a barrier for many low-income students and students who would be in the first generation in their families to attend an institution of higher education. (3) According to Public Agenda, most young adults give secondary school counselors fair or poor ratings for advice about attending an institution of higher education, including advice about how to decide what institution of higher education to attend, how to pay for higher education, what careers to pursue, and how to apply to an institution of higher education. (4) More than 1,700,000 students fail to file the Free Application for Federal Student Aid (FAFSA), and about one-third of such students would qualify for a Federal Pell Grant. (5) During the last 2 decades, costs of attending institutions of higher education have increased dramatically, but need-based financial aid has not kept pace with such increasing costs. (6) CollegeBoard reports that the maximum Federal Pell Grant covered 87 percent of the average tuition and fees for a public 4-year institution of higher education in academic year 2003–2004 but only 60 percent in academic year 2016–2017. (7) Parental and youth college savings are strong predictors of a youth’s expectations about attendance at an institution of higher education. (8) Only 32 percent of parents who earn less than $35,000 a year are saving for their child’s education at an institution of higher education. (9) According to the Center for Social Development, wilt occurs when a young person who expects to graduate from a 4-year institution of higher education has not yet attended such institution by the ages of 19 to 22. (10) Children who have savings dedicated for attendance at