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

[MARCH 25, 2006]  SPRINGFIELD -- Families wanting to invest in their children's future college education at today's prices have until April 3 to participate in the eighth annual enrollment period for College Illinois, the state's only 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 at 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 beneficiary.

Brady says since the program was established in 1997, more than 50,000 contracts, representing 154,000 years of prepaid college, have been purchased.

Information and applications are available by visiting www.collegeillinois.com or by calling toll-free, 1 [phone].

[News release from Illinois Senate Republicans]

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