Make College Savings A Priority During America Saves Week®

CHICAGO–As part of America Saves Week® (Feb. 27 – March 4), the College Illinois!® 529 Prepaid Tuition Program encourages parents with young children to plan today for the college costs that they and their children will face many years from now. A recent survey by America Saves Week showed that households with a savings plan made significantly more savings progress than those without a plan.

“Developing and implementing a strategy for how to pay for your child’s college costs when your child is young can really pay off down the road,” said Eric Zarnikow, executive director of the Illinois Student Assistance Commission, the agency that administers the College Illinois! Program. “As tuition costs continue to rise, one great option to consider is a tax-advantaged solution like a College Illinois! prepaid plan.”

Unlike a college savings plan, where a parent’s ability to pay for college costs is based on the amount saved and the investment performance, College Illinois! offers a unique, tax-advantaged opportunity to buy something tangible now — semesters of college. The program allows you to lock in the cost of college when a child is still young so no matter how high tuition rates climb when your student is ready to attend college, you’ll know tuition is covered for the schools in your plan. Plus, the value of College Illinois! benefits can be used at most private and out-of-state colleges as well.

Currently, College Illinois! is offering a $200 price reduction on purchases of 4 semesters or more for a limited time.

It’s never too early to start planning for the future and America Saves Week® is a great opportunity for parents and grandparents to evaluate their college savings progress.

College Illinois! offers advantages such as:

• The option to purchase anywhere from 1-9 prepaid semesters. Plan benefits can be applied to tuition and fees at almost any college or university in the United States.
• Flexible pricing and payment options to meet different family budgets.
• Significant tax benefits, because it is a qualified 529 plan.

Since its inception, the program has helped more than 30,000 students pay for college and has paid out more than $800 million in plan benefits. College Illinois! general enrollment is open through May 31, 2017. Newborn enrollment, for children born between September 1, 2016 and August 31, 2017, runs through August 31, 2017.

For more information, visit www.collegeillinois.org. For information about America Saves Week, visit www.americasavesweek.org.