Every Illinois Child Born Or Adopted In 2021 Will Get $50
Kids are expensive. No ands, ifs, or buts about it. Between diapers, clothes, toys, child care, and more, those costs add up fast. For many parents, trying to put money away for their future can be difficult. Illinois wants to help you get the ball rolling!
Starting January 1st of 2021, every child born or adopted in Illinois will receive $50 deposited into a college savings account or 529 plan according to WQAD.
Sure when college costs are going up 5-6% every year, $50 won't make a huge difference, but it's there as a reminder to parents that a little bit here or there can go a long way. Now if the kid doesn't use the funds by the time they are 26, they will forfeit the money back to the state for other students.
Psychologically, it's a great thing for parents and students. It promotes the idea of continuing their education after high school. Students will focus more on how to continue to learn if they know the money is there for whatever they decide.
So if you are thinking about making a baby this weekend, might be best to wait a couple months and get that $50 for a 2021 baby.