A New Bill Will Deposit $50 Into a College Savings Account Every Month
The Illinois house just passed a bill that is going to help young people start saving for college early. The new bill would automatically deposit $50 into a college savings account every single month. This way when it's time for college or other schooling, you're prepared and ready for the major expenses.
According to ABC -
Research shows kids are three times more likely to go to college if there is any money set aside for their education and four times more likely to graduate.
The bill would be for children born or adopted after 2021.
ABC details -
The funds would have to be used by a student when they were 18 to 26-years-old. The money can be used at a college, junior college or advanced training program.
Money is a huge factor when it comes to schooling after High School. This new bill hopes to ease the stress of finances for a new generation.