THE STATE WILL START A COLLEGE SAVINGS ACCOUNT FOR ALL NEWBORNS IN ILLINOIS UNDER A BILL PASSED BY THE LEGISLATURE WEDNESDAY.

UNDER THE BILL…ANY CHILD BORN OR ADOPTED DECEMBER 31ST OF 2020 WOULD HAVE FIFTY DOLLARS PLACED IN A COLLEGE SAVINGS ACCOUNT. THE HOPE IS THAT THIS WOULD PUSH FAMILIES TO ADD THEIR OWN MONEY. SENATOR PAT MCGUIRE OF CREST HILL SAYS IT’S NOT A NEW CONCEPT.

IT’S SUPPORTED BY SENATOR JACQUELINE COLLINS OF CHICAGO.

CRITICS WORRY ABOUT THE COST TO THE STATE…ESTIMATED AT BETWEEN NINE AND 10 MILLION DOLLARS. IT’S NOW UP TO THE GOVERNOR TO SIGN THE BILL INTO LAW.