Assemblywoman Christy Smith, D-Santa Clarita, announced Thursday that Assembly Bill 853 was signed into law by Governor Gavin Newsom this week.

The bill addresses college affordability and allows for the ScholarShare 529 College Savings Plan to directly pay for living expenses such as rent, according to Smith’s office.

“The opportunity for a better life often lies with access to education, but burdensome costs associated with college often prevent and deter bright young minds from advancing their education,” Smith said. “I’m proud my first bill signed into law by Governor Gavin Newsom will help students pursue their dreams and curiosities in college. Thank you to California State Treasurer Fiona Ma for your partnership.”

Currently, the ScholarShare 529 College Savings Plan helps families and individuals plan for the costs of college. AB 853 grants ScholarShare 529 accounts the ability to make payments to third parties overseeing living expenses and other basic needs for students, in addition to institutions of higher education, according to officials.

“This will really help minimize the student loan debt crisis,” said Ma, who is a sponsor of the bill. “It makes it easier for parents and plan participants to pay for higher education expenses efficiently by allowing direct payments to third-party vendors.”

AB 853 is set to take effect on January 1, 2020.

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