States Offers Refund After Bright Start Mixup
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CHICAGO (CBS) — About 7,300 people who contributed money to the state’s Bright Start college savings plan–thinking they’d get a $250 matching contribution and didn’t–have a chance to get their money back.
It was a promotion that didn’t work exactly as intended.
At the end of last month, the Illinois Treasurer’s office offered to match contributions up to $250 dollars to Bright Start–for the first 2,500 people who contributed.
The problem: People were still making contributions after June 3, which is when the cutoff of 2,500 was reached.
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And those latecomers didn’t get a matching contribution from the state.
Now, the office of State Treasurer Dan Rutherford says those 7,300 people – the ones who contributed after the cap of 2,500 was reached but before the State Treasurer’s website was updated – can get their money back–with no penalty or fee.