IL SR1061

Declares May 29, 2020 as College Savings Day in Illinois to raise awareness about 529 college savings plans and higher education costs.

Recognizes the 20th anniversary of the Bright Start College Savings Plan, which has grown to over 650,000 accounts with more than $12 billion in savings.

Notes that Illinois' Bright Start and Bright Directions plans have withdrawn over $954 million annually for qualified higher education expenses nationwide.

Highlights that student loan debt in Illinois has increased 111% from 2008 to 2018, with 1.6 million borrowers owing $60.9 billion, underscoring the importance of advance college savings.

Emphasizes that college graduates earn an average of $1 million more during their careers than high school graduates, making 529 savings plans valuable tools for families.