Getting on a Pre-pay Plan for College
NPR's Marketplace recently reached out to the Illinois Student Assistance Commission's Executive Director Andy Davis for a story about rising interest in 529 prepaid college tuition plans. From the NPR Marketplace website: http://marketplace.publicradio.org/
Getting on a Pre-pay plan for college
With college tuition continuing climbing and the stock market continuing to fall, more people are liking the idea of locking in future college costs. Sarah Gardner looks into the pros and cons of a pre-paid 529 plan.
The Illinois Student Assistance Commission will begin another enrollment cycle for the College Illinois! prepaid tuition program Nov. 1.
Officials said Monday the program's assets totaled $1 billion Sept. 30. The program has sold over 66,000 contracts -- including more
than 45,000 being used.
College Illinois! allows parents of college-bound students to lock in a tuition rate ahead of time and pay toward that tuition into
a low-risk investment fund.
CHICAGO (WBBM) -- Changes are coming for the College Illinois pre-paid tuition plan. But the state agency that oversees the plan
says they should make it easier to sign up. Since its start-up in 1999, there was a limited window -- several months -- each
year during which applications were accepted.
Spokesman Paul Palian said that when enrollment resumes on Nov. 1, it will never end. Palian said that means that the cost of a
College Illinois plan will change from month to month. But those who sign up will still be guaranteed a college education in the
future at today's tuition rates.
UNDATED (WREX) - The next enrollment period for the College Illinois! prepaid tuition program will begin November 1.
The Illinois Student Assistance Commission wants to assure people that even in the down economy, their investment into
this program will be safe.
CHICAGO (ENEWSPF) - The Illinois Student Assistance Commission (ISAC) announced it will begin another
enrollment cycle for the College Illinois!® 529 Prepaid Tuition Program November 1 with the program in solid financial shape.
"Our message to the residents of Illinois and current contract-holders is that the College Illinois! Prepaid Tuition program
is solid," explained ISAC Executive Director Andrew Davis. "College Illinois! assets are both safe and liquid."
As of September 30, 2009, the value of College Illinois! assets was approximately $1 billion. The program has sold over
66,000 contracts to date, including 45,426 active contracts, the equivalent of 200,700 years of college.
After a decade of steep tuition hikes, Illinois' public universities are looking at their lowest tuition increases since 2000.
The 11 campuses are raising tuition by an average of 7.1 percent, the smallest average increase this decade.
