Congressman Rodney Davis, along with Illinois State Treasurer Michael Frerichs, visited the University of Illinois today to raise awareness about state and federal efforts to strengthen 529 college savings plans and improve access to affordable education.
529 plans are designed as “qualified tuition programs” under Section 529 of the Internal Revenue Code. Money in a 529 college savings account can be used at eligible educational institutions, including public and private, two-year, four-year colleges and universities and certain technical and vocational schools.
The congressman and state treasurer talked about bipartisan efforts to ease the process for Illinois families trying to save money for college.
Davis works to expand, modernize, and strengthen 529 college savings plans, and ensure that low and middle income families can help their children pay for college. Davis also co-sponsored a bill (H.R. 3170) to allow 529 plans to beused to help pay off student loan debt.
Frerichs serves as the trustee for the three Illinois 529 College Savings plans and is working to pass legislation that extends the state’s employer contribution tax credit for matching funds in an employee 529 college saving account past 2020.