A $5 billion fund has been established under the law for the Department of Education. This includes a $4.35 billion "Race to the Top" fund to help states with bold plans to improve student achievement—including COMPETEs Act reforms.
Another $650 million will be available to assist school districts and non-profit organizations with strong track records of improving student achievement.
State grants will go out in two rounds over the next year, beginning in October 2009. Applications will be available later in the spring.
"These are one-time funds, and state and school officials need to find the best way to stretch every dollar and spend the money in ways that protect and support children without carrying continuing costs," Secretary of Education, Arne Duncan said.
