Fri Sep 13 18:36:00 UTC 2024: ## Illinois Bright Start 529 College Savings Program Gets Major Upgrade

**Springfield, IL** – Good news for Illinois families saving for college! The state’s Bright Start 529 College Savings Program is undergoing a major upgrade, featuring lower fees, access to low-cost investments, and a new mobile app for convenient account management.

State Treasurer Michael Frerichs announced the changes, highlighting the program’s evolution since he took office a decade ago. “We overhauled the Illinois 529 program from top to bottom,” he said, emphasizing the program’s lowered fees that have saved families over $100 million.

The new upgrades include:

* **Lower Fees:** Bright Start is already among the lowest-cost 529 plans in the country, and the program will see a 13% reduction in total average asset weighted fees, allowing families to keep more of their savings for college expenses.
* **New Mobile App:** A dedicated app will allow account owners to easily manage their accounts, check balances, open new beneficiary accounts, and send funds directly to colleges – all from their phones.
* **Streamlined Account Management:** The account opening process is being expedited, making it faster and easier to set up and manage savings.

The transition will take place from September 25th through September 29th, during which time account withdrawals, contributions, and changes will be temporarily unavailable. Account access and transactions will resume on September 30th.

To accommodate students with upcoming deadlines, the University of Illinois and Northern Illinois University will waive late fees for 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. These upgrades are expected to further enhance the Bright Start program, making it even more beneficial for families preparing for their children’s higher education.

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