Families enrolled in the Bright Start College Savings Program (Bright Start 529) will see several changes starting September 30, as TIAA, a major provider of 529 college savings plans, takes over as the program manager.

Bright Start is a 529 college savings plan typically sponsored by a state and can be used to save for higher education. Illinois' Bright Start Program is already recognized as one of the lowest-cost 529 savings plans in the U.S. With the upcoming changes, families will see total average weighted fees reduced by another 13 percent.

Additionally, a new Bright Start 529 mobile app will be introduced. The app will allow account owners to manage their accounts, check balances, and open new accounts for beneficiaries via their smartphones. It will also streamline processes such as sending funds directly to colleges.

Illinois parents or legal guardians can also claim the Illinois First Steps $50 seed deposit online when opening a Bright Start 529 account for a child born or adopted on or after January 1, 2023, eliminating the need for paper forms.

To accommodate the transition, no withdrawals, contributions, or account changes will be processed between 3 p.m. Wednesday, September 25, and Sunday, September 29. Full account access and transaction capabilities will resume at 7 a.m. on Monday, September 30.