SPRINGFIELD, Ill. (WJPF) – A record $15 billion is now invested in the state’s two college savings programs.
The money represents over 733,000 Bright Start and Bright Directions savings accounts, which are overseen by Illinois Treasurer Mike Frerichs’ office.
Frerichs says since 2015, Illinois families have used the money to pay for nearly $5 billion in college expenses.
“These programs are important to anyone in your life who you want to put on a pathway to success. Research shows that if a young person knows they have a college savings account in their name, they are three times more likely to pursue higher education.”
The money can be used for things like tuition, books, and room and board.
Frerichs adds since he came into the treasurer’s office, he’s greatly expanded the college savings programs.
“The balance was $7 billion when I was first elected in 2015. Because of changes that we championed, especially a reduction in investment fees, we have more than doubled the balance and saved families $100 million dollars in fees.”
More information on the Bright Start and Bright Directions program can be found here.
