CHICAGO – State Rep. Lakesia Collins, D-Chicago, passed a bill that would allow the State Treasurer to make supplementary deposits into the seed funds of financially insecure students under the Illinois Higher Education Savings Program.
“Higher education leads to increased economic opportunities, better jobs and better health outcomes,” said Collins. “This bill makes higher education more accessible for future students facing financial insecurity, so they can achieve regardless of the financial situation they come from.”
Currently, the Illinois Higher Education Savings Program provides the Treasurer automatically deposits $50 into a college savings account for post-secondary education for every child born or adopted in Illinois after December 31, 2020. House Bill 4843 allows for the treasurer to make supplementary deposits into the accounts of children in financially insecure households if sufficient funds are available. The bill also provides the Treasurer report data on the racial, ethnic, socioeconomic and geographic data of the children who may receive these bonus deposits.
“By further supporting the children who need financial assistance the most, we’re setting a generation of students up for success,” said Collins. “I’m proud to have passed this bill and I thank my colleagues on both sides of the aisle for their votes.”
House Bill 4843 passed the House with bipartisan support, and now heads to the Senate for consideration.