PREPAID PERSPECTIVES

Winter Notes

2007-12-07T14:59:00.000-06:00

Just like the holiday season, our program is in full swing! Our last blog entry mentioned Rex and Tony’s 10-Stop Tour, and we now have photos posted from their stops to date. You can check out all of the fun they’ve been having around the state by taking a look at their Web page here. Rex and Tony will return to Chicago on December 15 and look forward to meeting lots of new friends!

We would also like to remind everyone of the tax benefits that purchasing a contract brings at this time of the year. College Illinois! plan earnings are always 100% exempt from state and federal taxes. Of particular note as the end of the year approaches, this is a reminder that new contracts purchased or contributions made to an existing plan before December 31 can be claimed on your 2007 state tax returns. Illinois taxpayers can deduct up to $10,000 per individual or $20,000 for married couples filing jointly. Finally, should you purchase a plan as a holiday gift for your child or grandchild, there is a gift-giving tax exemption up to $60,000 per person.

As you can see, there are plenty of reasons to get involved with our program before the calendar switches to 2008.

College Illinois! 10-Stop Tour with Rex and Tony kicks off at Millennium Park

2007-11-02T09:32:00.000-05:00

If you were at Millennium Park in downtown Chicago on Saturday, October, 27, you probably saw our program mascots, Rex and Tony. They were walking around the park, by Cloud Gate and the Jay Pritzker Pavilion, celebrating the launch of our program’s 10th annual enrollment period. Rex and Tony will make nine other stops around the state before enrollment closes on April 29, 2008, all part of our "10-Stop Tour," to celebrate 10 years of helping Illinois families secure their children’s college tuition.

Check the Web site soon, we’ll have photos of the stops posted!

Don't forget about 529 plans during your holiday season

2006-12-01T13:02:00.000-06:00

The craziness of ‘Black Friday’ is in the rearview mirror. But for those who didn’t brave the long lines and 4 a.m. wake-up call, you may still be in search of that special gift. Why not consider a College Illinois! plan? There may not be a better gift to give your child. Besides, what other gift given this year to a young child can they appreciate several years in the future as they prepare to go to college? That’s truly something special. Happy holidays!

We’re Open For Business Again

2006-10-23T08:58:00.000-05:00

We’re happy to tell you that our 9th annual enrollment period is now open! Enrolling in our program is easy, and takes less than 10 minutes online. We encourage you to look into the many benefits of owning a College Illinois! plan. Our enrollment period remains open through April 24, 2007.

Get ready for the 2006-'07 enrollment period

2006-09-13T15:53:00.000-05:00

College Illinois! will be launching its ninth enrollment period starting October 23, 2006. We’re happy to inform you that our program will remain open until April 24, 2007, three weeks longer than previous enrollment periods. So for the upcoming enrollment period you will be able to file your federal tax return and still have time to submit a College Illinois! application before our deadline. We’re hoping this extension will help to accommodate those who have shown interest in enrolling their children or grandchildren in our program.

The News We’ve Been Waiting for is Finally Here!

2006-08-23T16:17:00.000-05:00

The long-awaited and much-anticipated removal of the sunset provision to the federal tax exemption for 529 plans has become a reality. This is great news for families saving for college using Section 529 plans, including College Illinois!.

Last week, President Bush signed the Pension Protection Act, and a section of that legislation made permanent the federal tax exemption previously granted to these plans. Without the change, the exemption would have expired after 2010 – a concern for families involved in or considering a 529 plan. The Act positively impacts all of the families who have purchased or will purchase College Illinois! prepaid tuition contracts.

With the implementation of this law, College Illinois! participants are assured that plan earnings will continue to be 100 percent exempt from federal income taxes, making 529 plans an even more attractive option for families looking to prepare for their children’s educational future.

Newborn Enrollment is Still Open Through August 1

2006-07-27T13:07:00.000-05:00

If you have a child under the age of one, we would like to remind you that our newborn enrollment remains open through August 1. Let your friends know that we’re still open for newborn enrollment as well. They will surely appreciate the opportunity to save some money while planning for future college expenses! To account for rising tuition costs, our contract prices are expected to increase when the enrollment period reopens on October 23, but there is still time to capitalize on our 2005-’06 prices. Enrolling your family’s newest member is very easy to do, so be sure to take advantage of the current prices and get started today by applying online.

Despite National Parents Poll, Many Illinois Families Take "S.T.E.P.S." to Save for College

2006-05-16T14:08:00.000-05:00

When it comes to their children’s future college education, parents know they need to start early. The challenge for some parents is getting started when daycare and other child-rearing costs are more immediate financial obligations.

College Illinois! makes it easier for working families to manage paying for college costs early via S.T.E.P.S. – which translates to “Start Today with Easy Payment Solutions.”

In fact, many families who enrolled a child in College Illinois! during the program’s most recent general enrollment period, took advantage of S.T.E.P.S.

Unfortunately, a recent Wall Street Journal article says that many parents across the country are not saving for their children’s college years despite expecting to be responsible for some or all of those costs in the future.

With more tuition increases announced for this fall, many Illinois parents agree with the philosophy behind College Illinois!’ S.T.E.P.S. approach – that it is better to start small than to never start at all. Anything families can do today to hedge against future tuition inflation is a good start. Despite starting small, participants using College Illinois!’ S.T.E.P.S. approach realize big benefits.

Newborn Enrollment is OPEN!

2006-05-09T12:01:00.000-05:00

It’s never too early to start planning for your child’s future college education. College costs are often the last thing parents and grandparents of newborns consider during the child’s first year. However, the earlier parents start a college-funding plan, the stronger their financial position will be at the time of their child’s college freshman orientation.

Parents can still enroll children 12 months of age and younger in the College Illinois! program at 2005-’06 prices through Aug. 1, 2006. Those prices will be lower than expected prices on 2006-’07 plans set to go into effect when the program’s general enrollment period re-opens in the fall.

Mark Your Calendars! New General Enrollment Dates Set

College Illinois!’ general enrollment period for children of all ages runs annually from late fall through early spring. College Illinois! will officially re-open its next general enrollment period on October 23, 2006. It will be the program’s ninth annual general enrollment period. Parents, grandparents, extended family members and friends can enroll children in the program through April 3, 2007.

Good News for Prepaid Tuition Plans!

2006-03-02T23:36:00.000-06:00

College Illinois! and other 529 prepaid tuition plans recently received some good news. Beginning in this year, prepaid tuition plans will be treated the same as savings plans and will have only minimal impact for participants when it comes to financial aid. There is a new federal policy that will become effective July 2006 stipulating that prepaid tuition plans will now be reported as parental assets on the Free Application for Federal Student Aid (FAFSA). Until now, prepaid plans were treated as a student resource having a much greater impact on the student's eligibility for financial aid. Click here for more information on this exciting new development.

Welcome to Prepaid Perspectives

2006-02-14T15:39:00.000-06:00

Welcome to the College Illinois! Blog. We’re excited to announce a new feature at collegeillinois.com that will keep you up-to-date and informed.

The staff at College Illinois! has launched Prepaid Perspectives, a new blog that will provide news updates, notes and links of interest related to the issues surrounding prepaid tuition plans as well as general college funding issues parents and grandparents face today.

Among the items we will be following: state and federal legislative and regulatory issues affecting tuition and fees, 529 plans including prepaid plans such as College Illinois! and higher education.

We would also like to hear from you. Do you have a question or concern? We would be happy to address those items as well. Simply send us an e-mail titled BLOG to collill@isac.org. Check Prepaid Perpectives periodically and you may see your inquiry addressed in a future blog topic.