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.
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