New Law In Illinois Gives Every Child Born Or Adopted After January 1 Money For College
The Illinois Higher Education Savings Program, is a new law in Illinois that has been passed and is giving every child born or adopted after January 1, 2021 money for college!
The new law is helping students chip away at the national problem of rising college tuition costs. It’s stated that Local Quad City financial experts say the cost to attend college keeps going up 5 to 6% each year. So since the beginning of the new year, the state has begun depositing $50 into a college savings account that has established the program.
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Lawmakers behind the new law hope the small investments will encourage families to start saving money on their own for their children’s education early on, proving that their funds will grow over time. In addition to the traditional four-year colleges, the money invested into the program can also be used for vocational schools, two-year colleges and other approved institutions.
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