“Higher education can provide kids with huge opportunities that will shape their lives for the better and help them get good-paying jobs once they are out of school. However, the skyrocketing costs of attending school place an immense financial burden on students and families after graduation,” Hernandez said. “While we continue to work to lower the price of higher education, it’s critical that all Illinoisans take advantage of tools currently in place to help them afford it. 529 ‘Bright Start’ savings plans especially are helpful in building up savings for college.”
In keeping with her track record of a focus on accessible education, Hernandez introduced House Resolution 784 to raise awareness of the growing costs of higher education and encourage Illinoisans to take advantage of financial planning tools. 529 savings plans are tax-advantaged savings accounts which provide credits or deductions for depositing money to be spent on college. They have shown enormous success in recent years, with a total of $328.9 billion dollars set aside for college in these accounts by the end of 2018. Hernandez’s resolution also declares May 29, 2020 as College Savings Day.
“Everyone in our community is entitled to a good education, but right now, cost is putting up major obstacles for middle- and working-class families, and that has to change. Special, tax-deductible savings plans make college more affordable,” Hernandez said. “There is still a long way to go, but we are making progress, and lowering the cost of higher education will continue to be a high priority for me.”