Illinois launching new program to help parents save for college education

The new program is called Illinois First Steps college savings programs and leaders are encouraging parents to open an account.

Nearly $2.5 million is going toward the program, and parents who enroll can qualify for a deposit of $50 from the state.SUBSCRIBE TO FOX 32 CHICAGO ON YOUTUBE "And with limited access to higher education, workers have less access to high paying jobs and wealth-building opportunities.

Parents must also open an Illinois 529 College Savings account with Bright Start or Bright Directions and submit a claim for the $50 First Steps deposit before the child turns 10 years old. Money in a 529 college savings account can be used at eligible schools, including public and private, two-year, four-year colleges and universities, and certain technical and vocational schools. The investment grows tax-free when spent on qualified expenses, officials said.

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