BLOOMINGDALE, Ill. – State Rep. Diane Pappas, D-Itasca, is working to create more opportunities in higher education by helping families save for college through the Illinois Higher Education Saving Program.
“For many children, the price of higher education, if they are able to afford it at all, is decades of student loan debt,” Pappas said. “I’m working hard to build a stronger Illinois with a thriving economy, and education is a big part of that. We need to focus on making schooling more affordable to train people for high-wage jobs, not creating a generation of young adults saddled with debt or unable to seek higher education at all.”
Pappas passed House Bill 2237 to establish the Illinois Higher Education Saving Program. This program will facilitate saving for college for all children born after December 31, 2020 by opening an omnibus account to hold all contributions for higher education savings, all interest earned on those contributions and $50 in seed money for each participating child. All children born to parents who are residents of Illinois are eligible for the program. The bill was signed into law at the end of August.
“This law will provide countless Illinois students with the chance to take the next steps in their schooling and in their careers,” Pappas said. “When you give someone the opportunity for an education, you give them the tools to succeed, which is something every kid in our state deserves.”