Proposal To Give Illinois Newborns $50 For College Fund Advances
Legislators down in Springfield have passed a bill to give Illinois babies a $50 deposit for future college expenses.
If, like me, you're not a newborn, you're probably wondering where your $50 might be. You might want to take that up with your parents. After all, it was their poor timing that cost you the money to begin with.
Here's the proposal, in a nutshell (hat tip to 23 WIFR News):
House Bill 3691 proposes an automatic $50 deposit into a college savings account for every child born or adopted in Illinois by January 2021.
The money would come from a Higher Education Savings Program. State officials estimate the plan would cost around $8 million a year to fund and up to an additional $1.5 million in administrative costs. If the student chooses not to attend college, he or she would forfeit the money. Under the proposal, this money would be used to pay for other children in the future.
Some in Springfield regard this as little more than a publicity stunt for politicians wanting to raise their profiles, while others think it's a great way to get families thinking about college.
Having put two of my kids through college, the only thing an extra 50 dollars would have done is pay for my gas when my wife and I visited school to grab a laundry basket.