Recent State News
First Step by CollegeInvest provides $100 savings for newborns
First Step by CollegeInvest is a program that gives every child born or adopted in the State of Colorado on or after January 1, 2020, a FREE $100 contribution to their CollegeInvest 529 college savings account.Everyone who claims a First Step award will also have a portion of their future contributions matched. There is also a separate Matching Grant Program for lower- to middle-income families. The details of these matches will be posted each year on the CollegeInvest website (www.collegeinvest.org).
Alaska 529 launches generous education savings incentive programs
The state’s education savings plan, Alaska 529, has launched the new Dash to Save™ and Dash to Save More™ incentive programs aimed at reducing the burden of paying for higher education for Alaska students. The new incentive programs offer:A $250 payment to the first 5,000 qualifying, new Alaska 529 accounts opened in 2022 with a minimum investment of only $25 during the calendar year.An additional $50 contribution to accounts (new and existing) for automatic monthly contribution and/or payroll direct deposit of at least $25.
New Illinois law may give every child born after 2023 money for college
Starting Jan. 1, 2023, every child born or adopted in the state of Illinois may receive $50 deposited in their college savings account or 529 plan.It’s part of a new law, which introduces the Illinois Higher Education Program. There is currently a bill in the Illinois General Assembly to fund the program, but an appropriation has not yet been made. 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.