IL SR0922

Designates May 29, 2022 as College Savings Day in Illinois to raise awareness about 529 College Savings Plans and the costs of higher education.

Notes that over 800,000 Bright Start and Bright Directions accounts have been created in Illinois with over $16 billion saved, with approximately $1 billion withdrawn annually for qualified education expenses.

Highlights that the Bright Start 529 College Savings Plan received a gold rating from Morningstar for the fifth consecutive year, making it one of only three 529 plans nationally with this distinction.

References that national student loan debt has reached $1.6 trillion, with over 2 million Illinois residents carrying an average student loan debt of $29,855 per borrower.

States that college graduates earn an average of $1 million more than high school graduates over their careers, supporting the value of college savings plans in reducing student debt burden.