ISAC Student PortalFinal Days To Lock In February College Illinois! Prepaid Tuition Prices
Thursday, February 25, 2010
Enroll in the College Illinois!® 529 Prepaid Tuition Program before early February 28 deadline
SPRINGFIELD, Ill.— The last day to lock in February prices for the College Illinois!® 529 Prepaid Tuition Program is Sunday, February 28, and the Illinois Student Assistance Commission (ISAC) says now is the time to save for future college tuition and fees through the program.
“As Financial Aid Awareness Month in the State of Illinois draws to a close, now is the time for families to explore prepaid tuition as a means to save money for college while saving money on college as this month’s incentives to start saving for college expire Sunday,” said ISAC Executive Director Andrew Davis.
Prices adjust on the first day of each new month, every month, so it pays to purchase sooner rather than later. 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 college tuition and fees. 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.
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 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.
"With multiple pricing options and a variety of payment plans, it’s easy to find a plan that fits the needs of your family,” continued Davis. "By locking in prices for tuition and fees today, parents are able to better plan for a fixed cost to attend college. Start out small with a semester or a year; you can always add on later."
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 most public and private institutions nationwide.
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. Current prices end
February 28, 2010.
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.
More about College Illinois! 529 Prepaid Tuition Pricing and Plans
Introduced in 2008, SmartChoice tiered pricing makes plans even more affordable than ever before by providing three distinct price and benefit levels (Community College, University and University+) with different payment options. The plans are completely flexible and let the purchaser choose a pricing option that best matches their financial needs and realities. Combination plans including four semesters at a community college and four semesters at a university level are also available. Various payment options include monthly and annual installments and multiple down payment levels. In addition, program beneficiaries can choose to attend college anywhere because benefits can be used outside of the state at public and private institutions nationwide.
Upon purchasing a contract, Illinois taxpayers can annually deduct up to $10,000 per individual or $20,000 for married couples filing jointly, and all plan earnings are exempt from state and federal taxes. Neither ISAC nor the College Illinois! 529 Prepaid Tuition Program can provide legal or tax advice. Please consult a professional tax advisor concerning federal and state tax implications before purchasing a contract.
To enroll in the College Illinois! 529 Prepaid Tuition Program, visit www.529prepaidtuition.org/, or call 877.877.3724 for program information, materials and enrollment guidelines.
About the Illinois Student Assistance Commission:
The Illinois Student Assistance Commission provides students of all ages and backgrounds with the resources and support to obtain financial aid for higher education. A state agency, ISAC has paved the path to post-secondary education with innovative programs for more than 50 years. Last year alone, ISAC continued its mission to make college accessible and affordable for Illinois students by issuing over 186,000 grants and scholarships totaling nearly $431 million.
The Commission provides educational funding with student loans, as a loan guarantor and via numerous public programs such as the Monetary Award Program (MAP), the Illinois Veteran Grant and the College Illinois!® 529 Prepaid Tuition Program. Students and families have free access to a wealth of financial aid and college planning information at ISAC’s family of websites available at www.knowhow2goillinois.org/ and www.529prepaidtuition.org/.
*Please see Master Agreement and Disclosure Statement for more details. The College Illinois!® 529 Prepaid Tuition Program cannot provide purchasers with any legal or tax advice. Purchaser should consult their own tax advisor concerning federal and state tax implications of purchasing a contract.
Contact
Illinois Student Assistance Commission (ISAC)
100 W. Randolph Street, Ste. 3-200
Chicago, IL 60601
312.814.3679
