College tuition rates have skyrocketed, and the yearly tuition increase is a reality that every family must face.
It lingers in the back of your mind, and then, in the blink of an eye, the kids are ready for college, but your checkbook is not.
The good news is that you have a range of options to help financially prepare for your student’s future. One is to enroll in a 529 college savings or 529 prepaid tuition plan. A 529 plan can help you set up an effective way to save for college, so when the time comes, affording college will be easier.
What Are 529 Plans?
529 plans let you set money aside today so you can pay for college tuition tomorrow. These plans are sponsored by the state to help families fund future college costs with tax benefits granted by Section 529 of the IRS Code. You can choose between a 529 college savings plan where you invest in various portfolios to gain a return depending on how they perform, or a 529 prepaid tuition plan like College Illinois!®. Our Prepaid Tuition Plans let you purchase semesters of college at current contract rates, helping to protect against future tuition inflation. Both options offer plans that can fit into your budget, making it a little easier to start saving for college.
When Planning for College, the Sooner the Better
Tonya Polk, Marketing and Sales Manager for the College Illinois! Prepaid Tuition Program, knows preparing for the future isn’t always easy. She talks to families all over Illinois about ways to plan to pay for college. Her advice? Start now. “It’s always best to start planning for college early because as your child gets older, you won’t have to worry about how you’re going to pay for an ever-increasing college tuition,” says Polk.
Take Care of Tuition Today
College Illinois! makes enrolling in a Prepaid Tuition Plan easy. The Program offers a simple process to select a plan and payment option to start prepaying for college little by little as your child grows up. According to Polk, families like the flexibility of the program because “all plans are interchangeable if the beneficiary decides to attend a school in one of the other choice options,” and benefits can be applied to most in-state and out-of-state public and private colleges and universities.
Enrollment Ends April 30
By enrolling in a plan now, you’ll be able to make college happen for your student. “When the beneficiary is ready for college, they don’t have to worry about how they are going to pay for it,” says Polk. Start planning for your child’s future today with a College Illinois! Prepaid Tuition Plan.
Hurry, enrollment ends April 30. Learn more about a College Illinois! Prepaid Tuition Plan online or call 1-877-877-3724 to enroll.
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This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice or for use to avoid penalties under U.S. federal tax laws. This material is not an offer to sell or a solicitation of an offer to buy any securities. You should read carefully the Disclosure Statement and Master Agreement before purchasing a contract. Purchasing a contract does not guarantee that a beneficiary will be admitted or permitted to continue to attend an eligible educational institution.
