Illinois Treasurer Mike Frerichs’ office is lowering the fees for its 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 dollar set up fee and 3 dollar quarterly maintenance fees, as well as slashing management fees by 43 percent.
More than 100 thousand people have Bright Directions accounts in Illinois. Frerichs hopes to also eliminate fees for his office’s sister program, Bright Start.