529ing All Illinois Babies

From April 4:

Every baby born in Illinois could get a tiny college savings account under a plan that passed the state House of Representatives Wednesday. The proposal comes from the state treasurer’s office, as a way to  encourage families to start planning for their children's college education.

Beginning in 2021, each baby born or adopted in Illinois would automatically receive a 529 college savings account with $50 deposited by the treasurer's office.

(https://www.nprillinois.org/post/treasurer-plans-wee-gift-il-babies)


This isn't a new idea -- the article says that 34 states already have something like this in place.

While $50 is nothing towards the cost of a college education, this would at least put the mechanism/account in place for parents to start funding (hopefully) a little into the 529 each week/month.


I'm not opposed to this one -- just glad to see the free government money is $50...... not $2,000.


Grace & Peace & Love to you all -

Matt