CHICAGO--Families of Illinois college-bound children have only until December 31 to invest in a College Illinois! 529 Prepaid Tuition plan at 2011 rates before contract prices increase four percent on January 1, 2013. Contracts are available for purchase through April 2013.
College Illinois! allows families to prepay college tuition at potentially significantly lower costs, thereby avoiding tuition inflation and increasing student loan debt. The tuition plans are state tax-deductible and grow tax-free, adding an incentive for families to buy before 2012 ends.
“We are pleased to be able to offer families this low rate—which can work out to as little as $42 a month—through the end of the year,” said Eric Zarnikow, Executive Director of the Illinois Student Assistance Commission, which oversees the program. “Parents and grandparents who have been thinking about buying a prepaid tuition contract shouldn’t wait. Now is the best time to invest in your child’s future.”
Since its inception in 1997, College Illinois! has served tens of thousands of Illinois families and paid post-secondary institutions over $400 million in tuition and fees. While some 75 percent of College Illinois! beneficiaries attend college in Illinois, the program’s benefits can be used at public and private colleges nationwide.
“For a child born today, future tuition and fees to attend an Illinois public 4-year university are estimated to be $145,000,” said Zarnikow. “But if a family acts before then end of the year, they can purchase a College Illinois contract and prepay those tuition and fees at a significant savings and be better able to afford higher education.”
College Illinois! offers various plans to let purchasers choose a pricing option that best fits their financial needs.
For additional information about ISAC’s College Illinois! Prepaid Tuition Program, go to http://www.529prepaidtuition.org/; sign up at http://www.prepayandsave.org/ or call 877-877-3724.
To request an interview with a member of the Illinois Student Assistance Commission regarding College Illinois!, please call Joanna Klonsky at 312-307-0840.