2008 Summer Games

A recent Wall Street Journal article tested readers saving for college knowledge. As Illinois' only 529 prepaid tuition plan, we thought we would ask you a few questions about education savings right here in Illinois.

Test your knowledge:

1) True or false: College Illinois! benefits can be used at any college across the entire country.

ANSWER: True. A common myth about College Illinois! is that the state program's benefits can only be used right here in Illinois. Unfortunately, some parents, not wanting to limit their children's college choice options, rule out the program as a savings vehicle because they are not aware that College Illinois! benefits can be used virtually anywhere.

2) What if a child enrolled in College Illinois! decides not to attend college. What happens to the money put into the plan - do you lose it?

ANSWER: Of course not! The benefits can be transferred to another family member or a refund can be paid to the purchaser based on the average mean-weighted tuition and fees at the time.

3) It makes sense to start planning for college costs early. Is it too early though to begin saving for a newborn?

ANSWER: It can never be too early to begin saving with a College Illinois! plan. In fact, the earlier parents start a plan, the greater the financial benefit when it is time for the child to attend college. To help parents of infants get started, we are allowing them to lock in last year's College Illinois! costs until Aug. 1.