Springfield, Ill. — Only 10 days remain to lock in current College Illinois!® 529 Prepaid Tuition Program prices, as prices will increase June 1, according to the Illinois Student Assistance Commission (ISAC).
“The coming week and a long Memorial Day weekend offer the perfect opportunity to research the advantages of a College Illinois! 529 Prepaid Tuition plan,” said ISAC Executive Director Andrew Davis. “And by enrolling before the end of the month, families can save as much as $500 on a four-year education versus signing up next month.”
The College Illinois! 529 Prepaid Tuition Program is a state-sponsored plan that allows purchasers to lock in tomorrow's tuition at rates set today. 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 most public and private institutions nationwide.
Governor Patrick Quinn declared May 29 (5/29) to be College Savings Day in the state of Illinois, and in a recent proclamation called upon all Illinoisans to join him “in recognizing the value of higher education and to begin saving early and consistently for our children’s future.”
Unlike other college savings plans, 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. Prepaid tuition benefits keep pace with the increases in tuition and fees equal to those found at in-state, public institutions. Parents and grandparents can purchase as few as one semester at a community college or as many as nine semesters at a public university. Various payment options are available, including monthly and annual installments.
Although enrollment remains open after May 31, prices adjust on the first day of each new month, every month, so it pays to purchase sooner rather than later. Parents and grandparents can purchase this secure option for their child’s educational future at the lowest prices today by visiting www.529prepaidtuition.org, or call toll-free at (877) 877-3724 for program information, materials and enrollment guidelines.
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. ISAC’s commissioners are responsible for the overall management of the program and its investments, including hiring a qualified slate of investment managers and other professionals.