IL SR0150

Designates May 29, 2021 as College Savings Day in Illinois to raise awareness about the importance of 529 College Savings Plans and the escalating costs of higher education.

Recognizes that the Bright Start and Bright Directions College Savings Plans, administered by the Illinois State Treasurer's Office since 2000 and 2005 respectively, have accumulated over $14 billion in savings across more than 700,000 accounts.

Notes that over $900 million is withdrawn annually from these plans for qualified higher education expenses at colleges and universities in Illinois and across the United States.

Acknowledges that student loan debt nationally has reached $1.6 trillion, with over 2 million Illinois residents carrying an average of $29,855 in student debt, and that college savings plans help families limit future student loan debt.

Directs that a suitable copy of this resolution be presented to the State Treasurer's Office.