Davis, Frerichs push changes to college savings plans

Mike Frerichs, Rodney Davis
Illinois Treasurer Mike Frerichs (left) and U.S. Rep. Rodney Davis held a news conference at Illinois State University on Thursday. (Photo courtesy Rodney Davis)

By Eric Stock

NORMAL – Republican U.S. Rep. Rodney Davis and Democratic Illinois State Treasurer Mike Frerichs are joining forces to help families deal with the rising cost of sending their children off to college.

They held a joint news conference at Illinois State University on Thursday to push a series of measures in Washington and Springfield that they say would give those families more flexibility. Davis said he wants families to be able to use money from 529 college savings plans to pay for technology that students need.

“We have a bill that’s sitting waiting for the Senate to take it up that would allow for these dollar to be used to buy computers and internet access,” Davis said. “(These are) simple, simple things that get caught up in Washington D.C. politics.”

Davis is also backing a bill in to enable families to use money in their 529 accounts to help pay off student loan debt.

Frerichs who oversees Illinois’ Bright Start and Bright Direction programs, supports state legislation that would extend the life of the state tax credit that matches funds that employers give to 529 plans.

Eric Stock can be reached at [email protected].

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