Illinois Treasurer Michael Frerichs Reminds New Parents to Claim $50 Deposit in Illinois 529 College Savings Account
SPRINGFIELD – If you had a baby or adopted this year, don’t forget to open a Bright Start or Bright Directions college savings account and claim your $50 seed deposit from the Illinois First Steps program, State Treasurer Michael Frerichs reminded new parents today. “We launched the Illinois First Steps program this year to help put families on a path to saving early for their child’s education,” Frerichs said. “Saving now means money will be available when your child is ready to attend a university, community college, trade school, or start an apprenticeship.” To qualify for the Illinois First Steps $50 seed deposit, parents or legal guardians must be Illinois residents at the time of birth or adoption, the beneficiary child must be born or adopted on or after Jan. 1, 2023, open an Illinois529 college savings account with Bright Start or Bright Directions, and claim the seed deposit before the child's 10th birthday. Bright Start and Bright