SB1560 Summary

• Amends the State Treasurer Act to expand the definition of "qualified expenses" under the College Savings Pool to include amounts paid as principal or interest on qualified education loans of the designated beneficiary or their sibling.

• Aligns Illinois College Savings Pool rules with federal Internal Revenue Code Section 529 provisions regarding qualified higher education expenses and student loan repayment.

• Allows account funds to be used for student loan debt repayment in addition to traditional education costs like tuition, fees, books, supplies, equipment, room and board, and computer equipment.