You May Be Your Own Best Financial Expert

Did You Know......The state of Illinois received a grade of B+ in Completion for students getting degrees, but an F in Affordability to pay for them? The Measuring Up 2008 State Report Card on Higher Education says that Illinois does well in awarding degrees to students who are enrolled, but higher education has become less affordable for Illinois students & families.*

Where There's a Will, Where's the Way?

The news is not all terrible. It shows us that Illinois students make great strides, are competitive with students from across the nation, and are dedicated to improving their quality of life by improving their education. As for paying for college? Scholarships, grants, loans, work-study programs can help. However, the best way to pay for college is to protect yourself from incurring debt. Even more reason to start saving for college as early as you can.

You can become an “expert” on planning to save for college by finding out what’s best for you & your family. Read up about it online. Ask colleagues & neighbors what they do, who they talk to. You will be your own best advocate on financial literacy. Many people out there have still never heard of a 529 Plan. Of course, a 529 Prepaid Tuition Plan like College Illinois! may not be right for some people. But, more and more, the experts are weighing in. Financial Editor Jean Chatzky recommends for those who can afford it to look at 529s. Kiplingers’, CNNMoney, and many other websites have experts who discuss the recent interest over 529s. It makes good sense.

If you own College Illinois! Pre-Paid Tuition, you are giving yourself and your student the gift of an education and peace of mind.

No matter how much tuition will increase over time, you have locked in to today’s prices. For as little as $35 a month you can halt the rising college costs and avoid the wait, worry, and increase in tuition inflation. Wishing won’t make it so. It takes resolve and planning to make good decisions. Take advantage of an opportunity while you can.

There are few programs, if any, that allow you the protection and the benefits you get with a 529 Pre-Paid. A financial planner asked me just weeks ago “Why should I invest in College Illinois! if can get about an 8-10% return on my investment elsewhere?” My answer was simple: if you can find another way to keep up with tuition inflation and get the tax breaks that the IRS allows, that’s great! I personally know of no other plan that affords you both of these benefits, along with the safety & security of a legally binding contract. He agreed. If you are in a position of wanting to secure your child’s or grandchild’s tuition, you need to have a smart, safe, secure way to do it. College Illinois! is one of your best options. Don’t wait; every year that goes by is a missed opportunity to protect yourself & to lock in the cost of tuition today.

There are so many issues we have to contend with-- a deflated economy, the declining housing market, credit crunch, a very grizzly stock market, and high unemployment. If you are in the fortunate position of starting to plan for your child’s future, you can make a tremendous difference. Plan ahead and you will be amazed at what you have saved.

Be informed. Ask how to plan for the future now; you’ll become an expert & advocate for your family. You will be so glad you did…..

-Amy

According to the National Center for Public Policy and Higher Education:

*2 of the 6 Performance Categories are:

• Completion: Do students make progress toward and complete their certificates or degrees in a timely manner?


• Affordability: How affordable is higher education for students and their families?
  

For more information on how Illinois ranks in other areas, visit http://www.highereducation.org

Weighted Average Tuition for 2008-'09

Weighted Average Tuition, what is that all about? Or as we like to call it--the WAT. I’m sure most of you have either heard or seen this phrase before if you have ever dealt with College Illinois! But it seems that most people aren’t really sure what the WAT actually means. So I’d like to take this time to give a simple explanation of what the WAT is and how it can work for you.

First allow me to explain what the Weighted Average Tuition (WAT) is. It is an amount that is set each year that is equivalent to the average tuition and fees charged at all of the Illinois’ public universities. Each year the twelve public universities report their tuition and fee rates and an average is calculated for all twelve schools, weighted by the number of full time students at each school. If your student attends a private or out of state college or university, we would pay the mean weighted average on a credit hour basis to the private or out of state school.

This years current enrollment WAT is the following:

2008-'09 Weighted Average Tuition Amounts

	Annual Amount based on 30 credit hours	Amount Per Credit Hour
Choice 1 - Community College	$2,765	$92.17
Choice 2 - University	$8,741	$291.37
Choice 3 - University+	$11,856	$395.20
Existing University Plans - Purchased prior to 2008-'09 enrollment period	$9,452	$315.07

So in the simplest form, the WAT will increase every year by as much as tuition increases in the state of Illinois. And since this increase has been by as much as 8-10% annually, your best defense is to be prepared with a 529 Prepaid Tuition Plan like College Illinois!.