College Illinois: Pay today's prices
for tomorrow's education
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[DEC. 13, 2004]
SPRINGFIELD -- Families
wanting to invest in their children's future college education at
today's prices have until March 31, 2005, to participate in the
seventh annual enrollment period for College Illinois, a state 529
prepaid tuition program, according to state
Sen. Bill Brady, R-Bloomington.
The program is completely tax-exempt in
Illinois, and its designation as a 529 plan 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. The
program allows the purchaser to pay for education ranging from one
community college semester up to four years at a public university.
Contract benefits also may be used
at Illinois private colleges and out-of-state colleges, both private
and public. Once a plan is purchased, anyone -- grandparents,
relatives, family friends -- can make a payment on behalf of the
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Brady says since the program was
established in 1997, more than 42,000 contracts, representing nearly
140,000 years of prepaid college, have been purchased.
Information and applications are
available by visiting
collegeillinois.com or by calling toll free 1 (877) 877-3724.
Senate Republican Caucus news release]