When the $20K education savings plan kicks in, here’s where it’ll go—with a new app

Axios/The Hill/AP Education Savings Accounts are a big part of the $5 trillion federal stimulus program, but how many are actually being used is still being debated.

On Monday, the Education Savings Account Council, a group that represents schools and states, released a report saying that the majority of the funds set aside for the program are being used.

It’s up to states to set aside money for the accounts and set aside a certain amount for teachers’ salaries, according to the report.

States are allowed to set up the accounts as long as they follow the guidelines laid out in the federal education law, the ESEA, according the report from the Education Council.

States that set up their accounts last year will receive an extra $50 billion over the next 10 years, the report said.