IL HR0053

Declares May 29, 2021 as College Savings Day in Illinois to raise awareness about rising higher education costs and the importance of 529 college savings plans

Recognizes that 529 College Savings Plans offer tax-deferred growth and tax-free withdrawals for qualified education expenses including tuition, fees, books, room and board, and computer equipment

Notes Illinois' Bright Start and Bright Directions plans have accumulated over $14 billion in savings across more than 700,000 accounts since their establishment in 2000 and 2005

Highlights that over $900 million is withdrawn annually from these plans for qualified higher education expenses and that student loan debt has reached $1.6 trillion nationally with over 2 million Illinois residents carrying an average of $29,855 in debt

Directs presentation of a suitable copy of this resolution to the State Treasurer's Office