CollegeIllinois 529 College Savings Plan
Illinois 529 Prepaid Tuition ProgramCollegeIllinois presents a number of prepaid tuition programs allowing you to lock in the price of college today. Unlike many other state 529 plans, the CollegeIllinois 529 program is not market dependent, so your funds aren't at risk should the stock market go down. You are purchasing a year's tuition at college and if the tuitions rise (and we know that's a given), your cost doesn't.
CollegeIllinois makes several choices available. The first choice will pay for a year at one of Illinois' community colleges. Both tuition and mandatory fees are covered. In an effort to keep tuition costs down, many states have chosen to increase mandatory fees instead, so a plan covering both is even more valuable.
The second choice will pay for tuition and mandatory fees at any Illinois public university except for the University of Illinois at Urbana-Champaign (UIUC) (which is more expensive than the others). If you prefer, there is a combination plan that will pay for four semesters at any Illinois community college and four semesters at any Illinois public university except UIUC.
Third choice is tuition and mandatory fees at the University of Illinois at Urbana-Champaign (UIUC). Funds here can also be used at any other Illinois public university. As with the second plan, there is also a combination plan offered that will include four semesters at a community college and four semesters at UIUC.
Other than the combination plans, you can buy from one to nine semesters through the CollegeIllinois 529 Prepaid Tuition Program. Should the student decide to study at another college of university, the funds can be applied to the tuitions at any institution of higher learning eligible to receive federal financial aid by the U.S. Department of Education. For more information and current pricing, visit the CollegeIllinois 529 website. You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.
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