SPRINGFIELD, Ill. – Middle-class families will get help saving for college with a new Illinois Higher Education Saving Program under a new law backed by state Rep. Thaddeus Jones, D-Calumet City, taking effect next month.
“Students in our community should not have to take on huge debt to have the opportunity to go to college,” Jones said. “We want to provide our kids with the skills they need for good-paying jobs, and higher education is a path to getting those skills. That education cannot come with a lifetime of crippling debt.”
Jones passed House Bill 2237 to establish the Illinois Higher Education Saving Program. Beginning Jan. 1, his program will facilitate saving for college for all children born after Dec. 31, 2020 by opening an omnibus account to hold all contributions to 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.
“I am fighting to build a stronger Illinois, and that starts with giving the next generation the great opportunities they deserve,” Jones said. “A good education leading to more developed proficiencies and increased employment opportunities will not only be good for Illinois’ kids, it will fill our state’s shortage of skilled workers and create bigger markets for our small businesses to thrive in.”
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