West Cook News

Saving for college can be a struggle for any family, but State Treasurer Michael Frehrich’s office wants to make it a little easier, according to an Aug. 3 Facebook post from Rep. Theresa Mah. Mah said in the post that Illinois families can get $50 to start a college fund for their children.

"Illinois Treasurer Michael Frerichs's office administers an important program for our children's future! Illinois families can now claim $50 to start saving for college. Claim your $50 seed money and start your child's account today," the Facebook post said.

Mah shared a link to the Bright Directions page for the Illinois First Steps program in her Facebook post. Parents who live in Illinois can receive a seed deposit of $50 from Illinois First Steps for children born or adopted on or after Jan. 1, 2023, according to the Bright Directions page. The funds can be used for college, technical school, or apprenticeship education opportunities. To claim the funds, a parent must open a Bright Directions 529 or Bright Start college savings plan account, then must claim the $50 seed deposit from Illinois First Steps on or before the child’s tenth birthday. The Bright Directions program is for those people who work with a financial advisor, and the Bright Start program is a self-directed program.

The Illinois First Steps program goes back to 2019 when lawmakers approved a college savings incentive program, according to the Morning Sentinel. legislators set aside $2.5 million for the program. The publication reported that changes championed by Frerichs have helped the Bright Start and Bright Directions 529 programs to grow from $7 billion in 2015 to more than $17 billion in 2023.

The price of a 4-year college education “will grow to unprecedented levels,” according to the Illinois Treasurer’s webpage for the Bright Start program.  A graphic on the website estimates that four years at a public college would cost a family $89,521, while a private college could cost up to $202,360, but in 18 years, it might grow to $205,184 for public colleges or $463,814 for private colleges. The website features a calculator that parents can use to estimate how much they’ll need for college, and the website notes that funds can be used for tuition, room and board; books and supplies, and even computers and software for students.

Mah was first elected to the Illinois House in 2016. A Democrat, their legislative experience includes serving on the Health Care Licenses and Approp-Elementary & Secondary Educ. Mah is a state representative who resides in Chicago, according to the Illinois House.