IL SJR0006

Declares May 29, 2023 as 529 College Savings Day in Illinois to raise awareness of college savings plans

Recognizes 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 offers two 529 plans (Bright Start and Bright Directions) that received high ratings from Morningstar, with over 12.5 million accounts nationally holding more than $253 billion

Highlights that Illinois public university tuition increased from $4,160 in 2000 to $15,182 in 2018, while private university tuition rose from $15,625 to $36,747, making savings plans increasingly important

Urges all Illinoisans to explore the benefits of 529 college savings plans to reduce student loan debt burden, which totaled $1.5 trillion nationally and $52 billion for Illinois residents as of 2018