Celebrate National 529 Day with a College Illinois!® Savings Plan

CHICAGO – Tomorrow is National 529 Day, (literally, 5/29!), a day focused on raising awareness of how college savings and prepaid plans can help make college more affordable for families across the country. College Illinois!®, the state’s 529 Prepaid Tuition Plan, offers families a great way to start addressing the cost of tuition by prepaying for college tuition at today’s contract price. Illinois families have through June 1st to enroll and take advantage of reduced prices on all College Illinois! contracts.

“Studies show that children with a college savings account in their name are six to seven times more likely to attend a four-year college,” said Eric Zarnikow, executive director of the Illinois Student Assistance Commission, the state agency that administers the College Illinois! Program. “And while the rising cost of tuition can make saving for college seem like an impossible task, planning early through a College Illinois! plan can help make the reality of college sticker price a lot less overwhelming.”

College Illinois! offers flexible and affordable plans—so families can purchase anywhere from a semester of community college all the way up to nine semesters at a public university in the state. Contract prices start as low as $21 a month, depending on the plan, the age of the child, and the number of semesters purchased. And College Illinois! benefits can also be used to pay tuition and mandatory fees at almost any college or university in the country.

Illinois 529 Plans also offer significant state and federal tax benefits. Earnings on contributions are exempt from taxation at the federal and state level as long as they are used for qualified educational expenses, and Illinois residents can get an annual tax deduction of up to $10,000 for individuals or $20,000 for those filing jointly.

College Illinois! has helped more than 28,000 students attend college and has paid out over $600 million in benefits since its inception. It’s easy to get started planning for your child’s future with a College Illinois! Prepaid Tuition Plan by visiting www.collegeillinois.org.