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College Illinois!, a 529 Prepaid Tuition Program, was launched by the State of Illinois in October 1998 to enable families to lock in the cost of tomorrow’s tuition and mandatory fees. Designed to make higher education accessible and more affordable, College Illinois! is an effective college funding tool that offers families peace of mind as they prepare for a child’s college education without the worry of rising costs.
House Bill 4914 (Public Act 93-812) creates an Illinois income tax deduction for moneys paid into College Illinois! 529 prepaid tuition plans during the taxable year, except for rollovers, beginning tax year 2005. This deduction and the existing Bright Start Savings deduction are capped at $10,000 each year. This Act also deletes provisions exempting consideration of Bright Start Savings Accounts, College Illinois! contracts, and college savings bonds proceeds in determining financial need, effective January 1, 2005.
For additional information on this program, these materials are available:
- College Illinois! flyers are available for order each October. These contain basic program information.
- College Illinois! program booklets are also available in October. These provide in-depth information on the program, an application, and pricing information.
- The College Illinois! Web site provides all program information, frequently asked questions, current payment plans, and offers an online application. The Web site is also available in Spanish and Polish.
To order materials or for more information, contact College Illinois! at 877.877.3724 or by email at collill@isac.org
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