Issue Position: Education

Issue Position

As State Treasurer, Mike will focus on expanding access to college savings programs and promoting financial literacy so Illinois families can better plan for their future.

As part of the first generation in his family to attend college, Mike knows the transformational power that earning a college degree can offer. He is committed to expanding that opportunity to every Illinois family that wants it. As the current Chairman of the State Senate Committee on Higher Education, Mike has consistently over his career worked to reduce the costs and barriers of attending college in Illinois.

COLLEGE SAVINGS PROGRAMS

Attending college has been and continues to be a key to achieving the American dream. One concrete way the Treasurer can help Illinois families reach this goal is to provide ways to help families plan and save for their children's future. In Illinois, the Treasurer's office runs both the Bright Start and the Bright Directions college savings plans.

Mike understands the unique importance these two programs play in offering a pathway to achieving a college degree for thousands of our young people who otherwise would be priced out of furthering their education.

That's why Mike will take politics out of selecting the private vendors and managers of these funds. Under previous Treasurers powerful lobbyists and their connected benefactors tainted the bidding process. That has led to mismanagement and increased fees for enrollees, putting their access to college at risk while private investors reap obscene profits.

As your Treasurer, Mike will protect these funds, keeping the money safe and secure to guard your investment in your children's future. Mike will make sure both program's investments are diverse and safe.

When the next contract comes up for bid, Mike will make sure those negations will result in the selection of a safe and responsible financial manager and a reduction in fees for the families who participate. This will help make the program more accessible to more families. Mike will direct the financial manager to make a special effort to boost low-income enrollment and to provide outstanding customer service.

Additionally, Mike will build awareness of the programs and make them accessible to more people. Working with a wide array of community partners, institutions, and officials throughout the state can help grow enrollment and provide an affordable pathway to college for Illinois families.

FINANCIAL LITERACY

The Smart Women, Smart Money program was an innovative effort by state government to bring financial literacy tools and workshops into women-owned businesses, communities, and civic organizations. It was based on the notion that solid home finances are the bedrock of stable communities which Mike also believes.

Upon taking office, the current Republican Treasurer immediately eliminated this program. Mike has met families who benefited from this program's tools and trainings. That is why, as State Treasurer, he will re-instate this program and expand its partnership with community organizations, local governments, and local chambers of commerce throughout the state.

With corporate underwriting and professional leadership, the rebranded Smart Families, Smart Money program, would allow the state to educate thousands of families, single mothers, small business owners, and first time entrepreneurs at minimal cost to taxpayers. The program can also serve as an entry point for the Bright Start and Bright Directions programs, helping people overcome the obstacles to financing their children's college dreams.

Similarly, Mike would re-create the Smart Teen, Smart Money program that focuses on graduating high school seniors. It would provide the nuts and bolts financial tools that high school grads will need: how to set up checking and savings accounts, how to avoid high interest credit cards, how to track money with free online programs, and how to set realistic budgets for their first year in college or the workforce. Starting good money management habits at a young age has been proven to reduce defaults and unmanageable debt loads down the road. It is a smart investment and one Mike wants to reinstate when he is our next Treasurer.

The State Treasurer is considered to be the State's Banker. If the State's Banker doesn't understand the importance of financial education and literacy, how are they supposed to get it right when it comes to investing your money?

MIKE'S RECORD ON EDUCATION

Mike knows the value of education. One of the bills that Mike is most proud to have sponsored is his effort to ensure that Illinois high schools require four years of math in order to graduate. This effort would bring Illinois into line with 20 other states, and focus on a growing problem of young people not having the basic math skills needed to enter the workforce, succeed in their first year in college, or manage a budget and not fall into crushing debt.

Source