SPRINGFIELD, Ill.— The College Illinois!® 529 Prepaid Tuition Program is offering substantial savings on prepaid tuition contracts now through “Cyber Monday,” November 30, and purchasers can save more than $500 on eight semesters of prepaid tuition in the program’s University+ option versus the same plan purchased December 1.
“As you gather with your family and friends this Thanksgiving, we hope you'll consider purchasing the gift of a college education for a child,” said Andrew Davis, Executive Director for the Illinois Student Assistance Commission, the agency that administers the program. “I encourage parents and grandparents to use the long holiday weekend to explore their options at 529prepaidtuition.org and use Cyber Monday to enroll online to save the most money on a college education.”
Prices adjust on the first day of the new month, so it pays to purchase sooner rather than later. For example, depending on the age of the beneficiary, a purchaser would save between $512 and $524 when buying eight semesters at the University+ pricing tier (with benefits based on University of Illinois Urbana-Champaign) on or before November 30, 2009, as compared with making the same purchase December 1. Purchasers of the University Plan (with benefits based on all Illinois public universities except UIUC) would save between $343 and $373 for eight semesters.
A College Illinois! 529 Prepaid Tuition Program contract between the purchaser and the State of Illinois ensures tuition and fee benefits for college, regardless of fluctuations in the market. When a beneficiary is ready to go to college, he or she can choose to attend almost anywhere because benefits can be used at Illinois public universities and community colleges or applied at public and private institutions nationwide.
Unlike a college savings plan, the College Illinois! 529 Prepaid Tuition Program is the tax-advantaged plan that protects families from tuition inflation by allowing purchasers to lock-in a price now to cover future tuition and fees and apply benefits at colleges nationwide. A child born today is projected to incur college costs of more than $180,000 at a four-year, public university, but parents and grandparents can sign a prepaid tuition contract today for much less, negating the effect of tuition inflation on their pocketbooks by keeping pace with the increases in tuition and fees equal to those found at in-state, public institutions. Parents and grandparents can purchase as little as one semester at a community college to nine semesters at a public university. Various payment options are available, including monthly and annual installments.
Now is the time for parents and grandparents to purchase this secure option for their child’s educational future at the lowest prices. Visit www.529prepaidtuition.org or call toll-free at (877) 877-3724 for program information, monthly pricing discounts and enrollment guidelines. New prices take effect December 1, 2009.
Administered by the Illinois Student Assistance Commission, the College Illinois! 529 Prepaid Tuition Program is a secure college funding option because benefits do not fluctuate with the stock market. Since the program’s inception in 1998, more than 66,000 prepaid tuition contracts with a value of more than $1.6 billion have been purchased. The program’s Trust Fund is managed by professional money managers, subject to oversight by the program’s Investment Advisory Panel and the Illinois Student Assistance Commission.