CHICAGO – A law to help identify families in need of additional financial assistance for college savings accounts was signed Tuesday, thanks to the hard work of State Senator Cristina Pacione-Zayas.

“A big part of helping families afford college is making sure they know what financial assistance resources are available,” said Pacione-Zayas (D-Chicago). “This law will not only allow for additional deposits in a Children’s Savings Account for students from financially unstable households, it will also help us understand who is taking advantage of the program and allow us to target outreach to families who might not be aware of it.”

The Illinois Children’s Savings Account program will go into effect in 2023. Under the current program, applicable families will receive a seed deposit of $50. The new law, formerly Senate Bill 3991, allows the state treasurer’s office to supplement CSA’s for financially insecure households with additional funds.

Additionally, the law requires the treasurer’s office to collect more data on program participants to keep track of the social and geographic makeup of those who are utilizing these accounts. This will help further ensure equitable roll out of the program.

“As a parent of three children, I have spent years advocating for a statewide children’s savings account program. I didn’t go to college, but my son was lucky enough to receive a scholarship,” said Liliana Olayo, Co-President POWER-PAC IL and member of the Steering Committee of Financial Inclusion for All Illinois. “With a statewide CSA program that promotes equity, more families like mine will have hope for the future and an investment in their children’s potential early on.”

The law was signed Tuesday and goes into effect Jan. 1, 2023.