Illinois Senate Passes Children’s Savings Account Legislation

ILLINOIS CSA PROGRAM WOULD BE THE LARGEST IN THE COUNTRY & MAKE IT 3 TIMES MORE LIKELY LOW-INCOME STUDENTS WOULD ENROLL IN COLLEGE

On a bipartisan vote of 40-15-0, Children’s Savings Account legislation (HB2237) passed out of the Illinois Senate today, bringing Illinois one step closer to making higher education a reality for more students by expanding access to college savings accounts for children when they are born. Heartland Alliance and the Illinois Asset Building Group, along with dedicated partners, has long advocated for the creation of a CSA Program.

HB2237, sponsored by Representative Robyn Gabel and Senator Pat McGuire, expands the existing Illinois Bright Start College Saving Program, so that beginning in 2021, all children born or adopted in Illinois will receive a $50 seed deposit