1. Short title This Act may be cited as the Military Education Savings Account Act of 2018 . 2. Military education savings accounts Title VII of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7701 et seq.) is amended by inserting after section 7012 the following: 7012A. Military education savings accounts (a) In general The Secretary of Education, in consultation with the Secretary of Defense, shall carry out a program under which the Secretary of Education shall— (1) subject to the availability of funds pursuant to section 7014(f), at the request of a parent of an eligible military dependent child, establish an account on behalf of such child (to be known as a Military Education Savings Account ) into which the Secretary shall deposit funds in an amount determined under subsection (d); and (2) establish a procedure under which the parent of the child may use funds in the account to pay for the educational expenses of the child in accordance with this section. (b) Application (1) In general To be eligible to participate in the program under this section for a school year, a parent of an eligible military dependent child shall submit an application to the Secretary in accordance with this subsection. (2) Application process In carrying out paragraph (1), the Secretary shall— (A) accept applications on a year-round basis and establish procedures for approving applications in an expeditious manner; and (B) create a standardized form that parents can use to apply for the program and ensure that such form is readily available in written and electronic formats, including on a publicly accessible website. (3) Approval Subject to the availability of funds to carry out this section, the Secretary shall approve the application of a parent to establish a Military Education Savings Account if— (A) the application is submitted in accordance with the application process established by the Secretary pursuant to this subsection