Ask Terry Questions Saving for college

Saving for college

By Terry Savage on December 26, 2017 | College Savings / Student Loans

My friend who has an 8 mos. old baby wants to start a college saving plan. What's your recommendation? I see the Illinois Bright Start Program has improved greatly. Thank you in advance for your help. Vicky

Terry Says

Yes, Illinois has cut its fees, improved its investment choices. And if you are a resident, you can deduct up to $10,000 of contributions on your Illinois state tax return ($20,000 for married couples filing a joint return).  Do it before year-end and you can take the tax deduction this year when it will mean more.  But set up contributions regularly each year.  Go to to open an account.



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