Fees lowered for popular IL college savings program - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Fees lowered for popular IL college savings program

ILLINOIS (KFVS) -

The Illinois treasurer announced on Tuesday, Oct. 6 that a newly negotiated contract will lower fees for a popular college savings program.

Treasurer Michael Frerichs said the contract will eliminate set-up and maintenance fees for families saving for college through Illinois' Bright Directions 529 plan.

The elimination of the $10 set-up fee and $3 quarterly maintenance fee mans more investment dollars will go to college savings. Management fees also will be slashed by 43 percent.

More than 104,000 accounts will benefit from the new terms, which take effect Nov. 15.

Currently, more than 400,000 residents hold a Bright Directions or Bright Start account.

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