Treasurer of State Kelly Mitchell announced that assets in the state’s tax-advantaged CollegeChoice 529 education savings plans have surpassed $6 billion, an increase of more than $3.1 billion since her tenure began in November 2014.To date, over 397,000 accounts have been established, with an average account balance of $15,000.
Two of Illinois' most popular college savings programs, Bright Start and Bright Directions, reached record-breaking investments: $15 billion. In 2015 that number was at $7 billion. A reduction of investment fees and other changes are attributed to the number more than doubling since 2015, according to the Office of the Illinois State Treasurer.
Starting Jan. 1, 2021, every child born or adopted in the state of Illinois will get $50 deposited in their college savings account or 529 plan.It’s part of a new law, which introduces the Illinois Higher Education Program.Local Quad City financial experts say the cost to attend college keeps going up 5 to 6% each year.State legislators passed this law to combat those rising college tuition costs, and lawmakers hope it will remind parents to contribute to their child’s college fund starting at birth.
