Over the past several decades, the demand for high-skilled labor has grown dramatically. While earnings have traditionally grown with educational attainment, the gaps have become more pronounced in recent years (Autor, 2011; Lemieux, 2006).
Prepay today and start paving the way
COLLEGE ILLINOIS!® PREPAID
College Illinois! Overview
College Illinois! was established in 1997 to make college accessible and affordable for Illinois students. College Illinois! Prepaid Tuition Program Plans are sponsored by the State of Illinois to help families fund future college costs with tax benefits granted by Section 529 of the IRS code. Our goal is to provide Illinois residents with all the facts about our Prepaid Tuition Program, as well as offer an easy way to plan to pay for college.
What Does 529 Mean?
529 prepaid tuition plans allow contract owners to purchase semesters of college early to help protect against future tuition inflation. In the state of Illinois, these contracts are held in the Illinois Prepaid Tuition Trust Fund* and kept separate from all other State public money or funds. There are 2 types of 529 plans – prepaid tuition plans and college savings plans. See the differences here.
*Current Illinois law prohibits the use of Program funds for any purpose other than to provide Program benefits. No assurances can be made that the General Assembly will not amend the law to allow Program funds to be used for other state purposes in the future.
News & Events
As a College Illinois! contract holder you may be eligible for state and federal tax advantages under Section 529 of the IRS Code.
Individuals subject to Illinois state income tax may be able to deduct from their taxable income up to a maximum of $10,000 per year or $20,000 per year for married couples, for contributions made toward the purchase of a College Illinois! Prepaid Tuition Program contract. *
*This state tax deduction reduces the individuals’ adjusted gross income (AGI) by the amount contributed up to $10,000 or $20,000 for married couples.
The College Illinois! Prepaid Tuition Program has helped many Illinois students and families realize their dreams of going to college. Here you can see more of our financial history and learn more about how the College Illinois! 529 Prepaid Tuition Program has performed over the years.VIEW FINANCIALS