44th District Weekly Update

From Sen. Bill Brady

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[November 12, 2007] 

College Illinois! Pay today's prices for tomorrow's education         

Families wanting to invest in their children's future college education at today's prices have until April 29, 2008, to participate in the 10th annual enrollment period for College Illinois, the state's prepaid tuition program.

College Illinois is completely tax-exempt in Illinois, and its designation as a 529 program ensures that contract earnings are also exempt from federal income tax.

Different plans are available and can be purchased with a lump-sum payment or monthly installments. Contributors can purchase from one semester up to nine semesters, and benefits can be used at any community college and university, public and private, in the nation. Once a plan is purchased, anyone -- grandparents, relatives, family friends -- can make a payment on behalf of the beneficiary.

Since the program was established in 1997, more than 57,000 prepaid tuition plans, representing nearly 180,000 years of college tuition, have been purchased.

Information and applications are available by visiting collegeillinois.com or by calling toll-free, 1-877-877-3724.

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Governor has not yet approved extra school funding

At the end of last week, Illinois schools were still waiting to hear when they will start receiving extra state funding. Lawmakers approved legislation Nov. 2 needed to implement parts of the state budget that allocate $550 million to the more than 700 school districts in Illinois. The governor had not signed the legislation as of early Friday afternoon.

The education funding increase was initially approved during the summer overtime session; however, infighting among Democratic legislative leaders delayed legislative action that would have released the money to the school districts.

The legislation increases the state's general state aid foundation level by $400, to a total of $5,734 per pupil, and fully funds categorical grants for special education, low-income lunches and transportation.

[Text from file received from Sen. Bill Brady]

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