encourages Illinois families to enroll in College Illinois
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[October 22, 2008]
SPRINGFIELD -- Anyone interested
in investing in a child's future college education is encouraged by
state Sen. Larry Bomke, R-Springfield, to take advantage of the
state's prepaid tuition program, College Illinois, which opens for
general enrollment on Oct. 29 and extends through April 30, 2009.
The program was created to help families afford future increases
in college tuition and fees by allowing them to lock into current
"To date, more than 27,000 Illinois families have taken advantage of
College Illinois," said Bomke. "Every year tuition costs at
universities and community colleges increases -- which is why
College Illinois is such a great deal. I encourage anyone who has a
child or grandchild, niece or nephew, at the very least to look into
what the program has to offer."
College Illinois is completely
tax-exempt in Illinois, and taxpayers are allowed to deduct
contributions from their state taxable income. Bomke stressed that,
unlike other 529 plans, College Illinois is not tied to the stock
Many plans and payment options are available, including monthly
and annual installments. Participants can purchase from one semester
at a community college up to nine semesters at a university. The
benefits can later be used at any community college or university,
public or private, in the nation.
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Bomke said that once a plan is purchased, anyone -- grandparents,
relatives, family friends -- can make a payment on behalf of the
College Illinois is secured by the state of Illinois. 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.
Information and applications are available by visiting
or by calling toll-free, 877-877-3724.
[Text from file sent on behalf of
Larry Bomke by Illinois
Senate Republican staff]