New Web Address For College Illinois!® 529 Prepaid Tuition

College Illinois!® 529 Prepaid Tuition Program enrollment begins Nov. 1 at www.529prepaidtuition.org

SPRINGFIELD, Ill.—Parents will have a new place to shop for the College Illinois!® 529 Prepaid Tuition Program when the program opens enrollment November 1. That’s because the official URL for the Web site has changed to www.529prepaidtuition.org/ to better reflect the flexibility in using the benefits of the program.

“The new Web address helps to eliminate the confusion that the program’s prepaid tuition benefits may only be used in the state of Illinois,” said Andrew Davis, executive director of the Illinois Student Assistance Commission (ISAC), which runs the College Illinois! 529 Prepaid Tuition Program. “Program benefits are currently being utilized in each of the 50 states and may be applied at almost any two-year or four-year college or university that accepts federal financial aid.”

Unlike a college savings plan, the College Illinois! 529 Prepaid Tuition Program is the tax-advantaged plan that shields families from tuition inflation by allowing purchasers to lock-in a price now to cover future tuition and fees at colleges nationwide. 

For example, a child born today is projected to incur college costs of more than $180,000 at a four-year, public university in Illinois, but parents and grandparents can enroll newborns in the College Illinois! 529 Prepaid Tuition Program today for much less, negating the effect of tuition inflation on their pocketbooks. 

A college education is one of the most important things a parent can provide for a child, and one of the primary reasons people purchase a prepaid tuition contract is the security the program affords. Unlike a savings plan which has no guarantees that accrued earnings will cover tuition inflation, the College Illinois! 529 Prepaid Tuition Program provides a contract. Each contract holder is entitled to receive the tuition and fee benefits as stated in the contract, regardless of fluctuations in the market.

College Illinois! 529 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.  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 as well as public and private institutions nationwide.

Administered by the Illinois Student Assistance Commission since its 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 ISAC.
  

More about College Illinois! Pricing and Plans:

A new tiered pricing system called SmartChoice, introduced in 2008, makes plans even more affordable than ever before. SmartChoice pricing provides three distinct price levels with different payment options. The plans are completely flexible and let the purchaser choose a pricing option that best matches 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.

For the first time ever, the College Illinois! 529 Prepaid Tuition Program is offering discounted pricing monthly – the earlier one applies and makes the initial payment, the lower the contract price. Prices adjust on the first day of each new month, every month, until October 31, 2010 when tuition and fees are recalculated for the 2010-2011 plan period, so it pays to purchase sooner than later.

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 or purchasing any contract.

To enroll in the College Illinois! 529 Prepaid Tuition Program on or after Sunday, November 1, visit http://www.529prepaidtution.org/, or call (877) 877-3724 for program information, materials and enrollment guidelines starting Monday, November 2.
 

About College Illinois! and 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 since 1957. 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/.