IL SJR0011

Declares May 29, 2021 as 529 College Savings Day in the State of Illinois to raise awareness of college savings plans.

Acknowledges that 529 plans offer tax-deferred growth and tax-free withdrawals for qualified higher education expenses including tuition, fees, books, room and board, and computer equipment.

Notes Illinois residents can claim a state tax deduction on contributions up to $10,000 per year ($20,000 for married couples filing jointly) to any state plan.

Highlights that Illinois Treasurer administers two 529 plans (Bright Start and Bright Directions), with Bright Start receiving a 2018 Morningstar Gold rating.

Urges all Illinoisans to explore 529 college savings plans as a tool to reduce student loan debt burden, citing that student loan debt nationally reached $1.5 trillion as of 2018 and Illinois residents held $52 billion of that debt.