College Illinois!
Fact Sheet
Overview
- College Illinois!,
the state’s prepaid tuition program administered by the
Illinois Student Assistance Commission (which has been helping Illinoisans pay for college
for more than 40 years), provides an affordable, flexible, secure and tax-advantaged way
of holding down a major piece of total college costs.
- College Illinois!
is the only college funding tool with the backing of the State of
Illinois that can immunize purchasers against tuition and fee inflation, stock market
volatility and any decline in family purchasing power so far in advance of selecting a
college or starting the hunt for financial aid.
Expenses Covered
- College Illinois!
is intended to cover undergraduate tuition and mandatory fees, but
may be applied to graduate studies as well (if benefits remain after undergraduate
studies).
- College Illinois!
does not cover other expenses beyond tuition and mandatory fees,
such as room and board, books, transportation, computers, and course-specific or optional
fees.
Plan Options
- College Illinois!
offers three plans: a Public University Plan, a Community
College Plan and a Combined Plan that includes two years at a community college and two
years at a public university.
- Plans can be purchased by semester (15 credits) up to a maximum of nine semesters per
child.
- If the beneficiary chooses to attend a public institution outside Illinois or a private
college anywhere in the country, College Illinois! will pay benefits equal to the
mean-weighted average of tuition and fees at comparable Illinois public institutions at
that time.
- Beneficiaries do not have to choose a school until time of college enrollment.
Payment Plans
- A College Illinois! plan can be purchased with a single lump-sum payment, or in
monthly installments of either five or ten years (for a full four-year plan).
- Both five-year and ten-year installment plans are available with downpayment options of:
$1,000 down, $2,000 down or $5,000 down. Down payments reduce monthly payments.
- Depending on the age of the child and the plan, monthly payments can be as low as $18
for a one semester Community College Plan or $195 for a full four year Public University
Plan.
- Once a plan is purchased, anyone – grandparents, relatives, family friends –
can make a payment on behalf of the beneficiary.
Tax Advantages
- Benefits provided by College Illinois! are entirely exempt from Illinois state
income tax.
- Federal tax (on earnings; not on payments) will begin only after the student enrolls in
college and begins to use the purchased benefits. The tax rate will be the student’s
rate, which will most often be lower than the purchaser’s rate.
Enrollment
- To secure this year’s prices, purchasers must enroll between October 18, 1999 and
February 18, 2000, with the first payment due May 1, 2000.
- Information and applications are available by calling toll free 1-877-877-3724 or by
visiting www.collegeillinois.com.