SPRINGFIELD, Ill. – To combat the rising cost of a college education that is restricting access to higher education for lower income and middle class students, state Rep. Melissa Conyears-Ervin passed legislation that would automatically create a state, tax-free college savings account for all newborns in the State of Illinois.
“An affordable, accessible college education is critical for our children to be successful in our modern economy,” Conyears-Ervin said. “This plan incentivizes families to save for college early, and provides state matching to help invest in our children’s future early. We need to do everything we can, as early as we can, to help prepare our families and our children for future college expenses.”
Conyears-Ervin’s House Bill 3691 would create a Universal Children’s Savings Account (CSA) that functions similarly to Illinois’ Bright Start college savings account. For every newborn or adopted child in Illinois, the state will open a CSA for that child with a seed of $50. Additionally, the Treasurer’s office will match up to $150 annually any money put in to the account. The program encourages a simple savings plan for Illinois residents to help their children afford college by the time they are ready to attend.
“This work will help working families, and is in addition to my support for proper funding for higher education and our MAP grant program to make college affordable,” Conyears-Ervin said. “I am working to do what is needed to reduce the cost of college and ensure that our children have the financial resources necessary to achieve a college degree.”