2 weeks left to lock in January prepaid tuition prices

[February 04, 2010]  DEERFIELD -- There are only two weeks left to take advantage of January prices for future college tuition and fees through the College Illinois! 529 Prepaid Tuition Program, according to the Illinois Student Assistance Commission.

"Parents with the New Year's resolution to provide for their children's future education should strongly consider purchasing a College Illinois! 529 Prepaid Tuition Program contract now," said Andrew Davis, executive director of the Illinois Student Assistance Commission. "That's because new prices take effect Feb. 1 and parents can save as much as $500 on a four-year education by purchasing now versus next month."

New, monthly discounted pricing allows purchasers who buy earlier to lock in the lowest prices on future college tuition and apply benefits almost anywhere in the United States and abroad. Now is the best time to purchase a contract because pricing discounts make buying early more affordable. Prices adjust on the first day of each new month, every month, so it pays to purchase sooner rather than later.

"Part of the reason the program is so popular is that the benefits are not tied to the performance of the stock market," Davis continued. "The College Illinois! 529 Prepaid Tuition Program lets you lock in tomorrow's tuition costs at prices set today. That means you limit the cost of your child's tuition and fees to a single, reliable number and avoid the twin horrors of market volatility and tuition inflation."

Unlike a college savings plan, a College Illinois 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 public and private institutions nationwide.

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.

Now is the time to purchase this secure option for a child's educational future at the lowest prices. Parents and grandparents can purchase as little as one semester at a community college and up to nine semesters at a public university. Various payment options are available, including monthly and annual installments.

Representatives will be on hand to answer questions on the College Illinois plan from 5 to 7:30 p.m. Tuesday at an open house at 1755 Lake Cook Road in Deerfield. Visit www.529prepaidtuition.org, call 877-877-3724 toll-free or e-mail [e-mail] for program information, including pricing and enrollment guidelines.

Administered by the Illinois Student Assistance Commission, College Illinois 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. ISAC's commissioners are responsible for the overall management of the program and its investments, including hiring a qualified slate of investment managers and other professionals.

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More about College Illinois pricing and plans:

A tiered pricing system called SmartChoice, introduced in 2008, makes plans even more affordable than ever before. SmartChoice pricing provides three distinct price and benefit levels -- community college, university and university-plus -- 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 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 College Illinois can provide legal or tax advice. Please consult a professional tax adviser concerning federal and state tax implications before purchasing a contract.

To enroll in a College Illinois plan, visit www.529prepaidtuition.org, or call 877-877-3724 for program information, materials and enrollment guidelines.

About the 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 postsecondary 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, the Illinois Veteran Grant and College Illinois. Students and families have free access to a wealth of financial aid and college planning information at www.knowhow2goillinois.org and www.529prepaidtuition.org.

[Text from Illinois Student Assistance Commission file received from the Illinois Office of Communication and Information]