Several changes are being made to Illinois’ college savings program

(WTVO) — Parents in Illinois who put money away in the Bright Start College Savings Program will see some changes to the plan.

Illinois Treasurer Michael Frerichs announced several modifications to Illinois’ 529 plan. One change is that fees will be cut by 13%.

There will also be a new mobile app and new investment options.

“We’re gonna make sure that if you are struggling to put money into your child’s college savings account the vast majority of that goes towards their education not to enrich someone’s bank account on Wall Street,” said Frerichs. “Especially in today’s economy, I would love for my children not have to pay fees in the future.”

Parents will need to re-establish access to their online accounts starting September 30th.

The University of Illinois and Northern Illinois University agreed to waive any late fees on tuition paid with bright start accounts during the transition period.

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