IL HR1223

Designates May 29, 2016 as 529 College Savings Day in Illinois to raise awareness about tax-advantaged college savings plans.

Recognizes that over 400,000 Illinois accounts have been created through the Bright Start and Bright Directions College Savings Plans, with over $7 billion saved for higher education expenses.

Notes that tuition rates at four-year universities in Illinois have increased at two to three times the rate of inflation over the past 15-40 years.

Highlights that national student loan debt has reached $1.2 trillion with 40 million borrowers carrying an average balance of $29,000, while federal financial aid has shifted from grants to loans (nearly 60% of federal aid).

Acknowledges that 529 college savings plans help families reduce future student loan debt and that college graduates earn an average of $1 million more than high school graduates during their careers.