IL SB1393

Establishes the Illinois Higher Education Savings Program administered by the State Treasurer to expand access to higher education through savings accounts.

Requires automatic enrollment of all eligible children born or adopted in Illinois after December 31, 2020, with the State Treasurer depositing $50 seed funds into 529 college savings accounts for each child.

Seeds funds can be used for qualified higher education expenses if claimed by the beneficiary's 10th birthday, after completing secondary education or reaching age 18, and while remaining an Illinois resident; unclaimed funds by age 10 or unused by age 26 are forfeited and retained in the program.

Creates the Illinois Higher Education Savings Program Fund held outside the state treasury to receive all contributions, appropriations, interest, dividends, gifts, and grants; fund assets may only be used for program purposes and administrative costs.

Amends the Freedom of Information Act to exempt from disclosure information about the program, including personal data provided by the Department of Revenue and Department of Public Health for enrollment purposes.