State Treasurer Michael Frerichs launches "First Steps" college savings program

CHICAGO (CBS) -- A new statewide program launched on Monday starts every child born in Illinois with $50 in college savings.

"Illinois First Steps is an important step towards ensuring all Illinois children can access higher education in their future," Illinois State Treasurer Michael Frerichs said.

The First Steps program is for babies born or adopted after Jan. 1, 2023.

All families can open a free 529 college savings account with Bright Start or Bright Directions and submit a claim for the $50 deposit from the state anytime before the child's 10th birthday.

Parents who prefer to speak to a financial advisor can claim their $50 deposit by visiting the Bright Directions website, brightdirections.com/first-steps/.

Frerichs' office is sending postcards and letters to Illinois parents who had a baby on or after Jan. 1, 2023, promoting the First Steps program.

A list of Frequently Asked Questions about Illinois First Steps is at brightstart.com/first-steps.