Saving and Paying for Education
Planning for college, trade school, or another path after high school can feel overwhelming, but The Illinois State Treasurer’s Office can make it easier. We offer resources for students and families to build money skills, understand education costs, explore financial aid, and plan for future expenses with confidence.
Build Money Skills
The Illinois Financial Wellness Hub is a resource for Illinois residents to build a stronger financial future. Access more than 120 financial topics and offers multiple ways to learn, including articles, videos, tools, and courses to get you up-to-speed.
- The Award Letter Analyzer: Compare financial aid offers and better understand the true cost of attending different colleges.
- The Student Loan Affordability Calculator: Compare projected loan payments with expected future income to borrow more carefully.
Understanding Education Costs
Explaining key financial terms can make college planning easier. Our financial glossary explains common education and money terms in clear, simple language so students and families can make informed decisions.
- award letter
- financial aid
- grant vs. scholarship
- student loan
- budget
Start Saving
Illinois First Steps makes it easier for families to begin saving for future education costs. Eligible families can claim a free $50 seed deposit for a child up to age 10, and even small savings can grow over time. To qualify, the child must:
- be born in Illinois
- be born or adopted in 2023 or later
- open an Illinois 529 college savings account before age 10
Save for Education
Saving is one of the best ways to create more opportunities. College costs can include more than tuition. But preparing in advance, even with small amounts of savings, can add up over time:
- cover education costs
- manage unexpected expenses
- reduce financial stress
- plan for your future
Cover the Remaining Cost of College
If you still owe money for tuition after using federal financial aid and scholarships, the Student Empowerment Fund may cover the remaining cost with private student loan options. Loan options are available for students with a cosigner, students’ parents, and students without a cosigner.
- tuition
- books
- fees
- housing
- other education expenses
“When a child knows he or she has a college savings plan, that child is three times more likely to attend college. When an adult opens and contributes to a child’s savings account, it sends a powerful message to the child, ‘I believe in you.’”
Michael Frerichs
Illinois State Treasurer