Soon there might be no excuse to send your child off to college without a college savings fund, as new legislation is pushing for these savings to roll over into a Roth IRA if the money is not used. Illinois State Treasurer, Michael Frerichs began this initiative in late March and says accounts like Illinois 529 savings funds, if not used, would be transferred into an IRA to kick start that student's career post-college.

Parents often think for their child's future before the child can, Frerichs says these funds can ultimately lead toward retirement savings.

Frerichs says getting this higher education is important, but many graduated students feel the looming pressures of acquiring income before things like student debt kick in.

For more information about Illinois college savings funds and the legislation click here.

Illinois State Treasurer Michael Frerichs appeared as a guest on the WTIM Morning Show.