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Illinois State Treasurer Michael Frerichs has announced the
Bright Start 529 College Savings Program will soon pay lower
fees, gain access to low-cost investments, and manage their
accounts on a new phone app.
Frerichs said the program has come a long way from when he first
took office a decade ago.
“We overhauled the Illinois 529 program from top to bottom,”
said Frerichs. “We lowered fees, saving Illinois families over
$100 million, we revamped the investment lineup, and we brought
in hundreds of thousands of new families into the plan.”
Frerichs said Bright Start is among the lowest-cost 529 savings
plans in the country, and to help families keep more of their
money to pay for rising college costs, total average asset
weighted fees will be reduced by 13 percent.
A new Bright Start 529 mobile app will allow account owners to
manage their account, check balances, and open additional
accounts for new beneficiaries on their phones. The account
opening process will be quicker, and it will be easier and
faster to send money directly to colleges.
The transition will occur from 3 p.m. Wednesday, September 25
through Sunday, September 29. During that time, no withdrawals,
contributions, or account changes will be processed. Account
access and the ability to make transactions will resume at 7
a.m. Monday, September 30.
The tuition deadline for students at the University of Illinois
and Northern Illinois University is Saturday, September 28.
Frerichs said the University of Illinois and Northern Illinois
University will waive any late fees and tuition paid with Bright
Start accounts during the transition period.
“I am a firm believer in continuous improvement, especially for
a program as crucial to Illinois families as college savings,”
said Frerichs.
In April 2022, taxpayers covered a one-time $230 million payment
for the unfunded liability in the now defunct "College
Illinois!" program that ended enrollment in 2017.
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