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Financial Aid

Illinois reducing fees on college savings plan

Illinois is reducing fees on its Bright Directions 529 college savings plan, a move designed to help families put more of their investment toward rising tuition costs. The change, which takes effect Nov. 15, eliminates a $10 setup fee and $3 quarterly maintenance fee, and cuts management fees by 43 percent, officials said Tuesday. More than 104,000 accounts will benefit from the new terms, saving investors nearly $3.6 million annually. "A college education opens doors that otherwise would remain locked," Illinois Treasurer Michael Frerichs said in a statement. "That is why we must do everything possible to make higher education affordable for Illinois families." A...