Illinois Treasurer Mike Frerichs is lowering the fees for his office’s popular college savings program. Bright Directions is a 529 Savings Plan that can be used for tuition, room and board and other college expenses. Treasurer Frerichs says they are lifting the $10 set up fee and $3 quarterly maintenance fees, as well as slashing management fees by 43%.
More than 100,000 people have Bright Directions accounts in Illinois. Frerichs hopes to eventually also eliminate fees for his office’s sister program, Bright Start.