IL SB3991

Establishes the Illinois Higher Education Savings Program administered by the State Treasurer as part of the College Savings Pool to expand access to higher education through automatic savings accounts for eligible children.

Automatically enrolls all children born or adopted after December 31, 2022, to Illinois resident parents, with enrollment data provided by the Department of Public Health, Department of Revenue, and other state agencies on a quarterly or annual basis.

Deposits $50 seed funds (subject to increase by State Treasurer rule) into omnibus accounts for each eligible child, with funds available for qualified higher education expenses including tuition, fees, room and board, apprenticeship costs, and student loan repayment.

Beneficiaries must claim seed funds by age 10, have completed secondary education or reached age 18, and remain Illinois residents to use the funds; unclaimed funds by age 10 or unused funds by age 26 are forfeited and reallocated to future beneficiaries.

Establishes the Illinois Higher Education Savings Program Fund to hold all contributions, appropriations, gifts, and grants, with all assets preserved exclusively for program purposes and annual reporting required to the Treasurer's website by January 31.