New Illinois law gives every child born after 2021 money for college
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.
Return to 529 News centerIt’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.