Illinois Treasurer Michael Frerichs is putting the spotlight on 529 Day, urging families to take advantage of Bright Start 529 accounts to save for educational expenses. These accounts feature tax advantages, have no opening fees or minimum balance requirements, and funds can be used at a variety of colleges and trade schools nationwide. The Illinois 529 program has seen significant growth, now boasting more than 925,000 accounts and 21 billion dollars in assets. Frerichs emphasizes that starting to save early can make a big difference and encourages families to consider this flexible and accessible option for future education costs.
“When a child knows he or she has a college savings plan, that child is three times more likely to attend college,” Frerichs said. “When an adult opens and contributes to a child’s savings account, it sends a powerful message to the child, ‘I believe in you.’”
“You can even ask other family members and friends to help plan for a young person’s future,” Frerichs said. “For example, maybe grandma and grandpa could contribute to a child’s 529 account as a birthday gift, instead of buying a toy. Families also might consider asking 20 relatives and friends to mark a birthday or other special occasion by chipping in $26.45 apiece – which would total $529 – to a child’s 529 account.”
For more information about Bright Start, including how to open an account, go to BrightStart.com or call 877.432.7444. For more information about Bright Directions, go to BrightDirections.com or call 866.722.7283.
