Launch a Child’s College Savings Plan for $25

Lawndale News Chicago's Bilingual Newspaper - Education

The 529 college savings plans take center stage on May 29. The 529 College Savings Day is a national effort to discuss college expectations and goals with children. The Bright Start or Bright Directions college savings account are administered by the Treasurer’s Office and can be opened at Purchasers can choose investment options or use an advisor for guidance. Age-based options where the underlying investments become more conservative as the beneficiary gets closer to college-age also are available. Savings can be used at any qualified institution nationwide, including technical schools. These tax-advantaged college savings accounts are called 529 plans because they are named after Section 529 of the Internal Revenue Code. In Illinois, 7 of 10 seniors graduated with college debt. The average balance was $28,500. A Washington University study concluded that a child is seven times more likely to attend college if they know a college savings plan exists.

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