Families who are planning for their children to attend college received good news recently, according to State Rep. Robert Pritchard, R-Sycamore. The Illinois Student Assistance Commission’s 529 prepaid tuition savings plan known as College Illinois! reopened and is offering to hold tuition rates at 2011 levels through the end of the year.
“There has never been a better time to invest in your children’s or grandchildren’s future,” Pritchard said.
Since its inception in 1997, College Illinois! has helped tens of thousands of Illinois families prepay for their children to attend college. Contributions to the 529 plan are tax deductible and grow tax-free for college tuition expenses at any public or private college in the country.
College Illinois! contract sales were temporarily suspended after financial missteps in the program were detected, Pritchard said.
“Last September, new commissioners were appointed, who then hired a new executive director and chief investment officer. A revised investment policy was adopted and legislative steps were taken to make the program more accountable, more transparent and positioned for the future,” he said.
“In an era of spiraling tuition inflation and increasing student loan debt, families can see significant savings with this program as they plan for their children’s future,” Gov. Pat Quinn said. “With the reemergence of a more transparent and accountable College Illinois! program, families are encouraged to consider the low rates currently being offered.”
The new enrollment period will run through April 30, 2013, but the lower college tuition rates only apply to contracts made through Dec. 31, 2012.
For additional information about ISAC’s College Illinois! Prepaid Tuition Program, including semester calculations and pay schedules, visit www.529prepaidtuition.org/ or call 877-877-3724.