Simplified pricing and payment options make it even easier for Illinois families to make college more affordable
DEERFIELD, IL – Illinois families can combat the high cost of postsecondary education and start to tame tuition inflation by purchasing College Illinois! Prepaid Tuition Program contracts between October 1, 2013 and April 30, 2014. Since 1998, families across the state have purchased over 72,000 College Illinois! contracts as one tool to help pay the increasing cost of higher education and to limit costly student loan debt.
â€œSince the programâ€™s first enrollment period in 1998, College Illinois! has paid out approximately $470 million in tuition and mandatory fees,â€ said Eric Zarnikow, Executive Director of the Illinois Student Assistance Commission (ISAC), the state agency that administers the program. â€œWe take great satisfaction knowing that College Illinois! has helped over 25,000 Illinois students attend a postsecondary institution, and has done so by making every tuition payment on behalf of program beneficiaries in-full and on time.â€
With the start of the new open enrollment period, College Illinois! has simplified pricing and payment options making program participation easier than ever.
â€œTo help make the benefits of a prepaid tuition program more accessible, weâ€™ve simplified the program,â€ Mr. Zarnikow said. â€œIn 2011, someone considering the purchase of a College Illinois! contract had to work through nearly 30 pages and hundreds of pricing and payment alternatives. Purchasers told us enrollment was too complicated and confusing. This year pricing and payment options are contained on just three pages.â€
The College Illinois! open enrollment period is supported by a new fresh look including a new logo that instantly conveys the programâ€™s educational mission and a reimagined website (www.529prepaidtuition.org) offering visitors easy access to program benefit information and interactive tools to help determine if a College Illinois! plan is a suitable option for their family situation. The website also provides quick access to Plan disclosure statement and master agreements, useful financial information and program updates.
â€œApproximately 95 percent of College Illinois! applications start online so making relevant information more readily available is a high priority for us this enrollment period. New tools and features will be added throughout the enrollment period,â€ Mr. Zarnikow concluded.
Established in 1957, ISACâ€™s mission is to help make college accessible and affordable for Illinois students through administration of need-based grant and scholarship programs, outreach efforts across the state and by offering College Illinois!Â®, the stateâ€™s 529 prepaid tuition plan. The Commission has distributed more than $10.4 billion in grants, scholarships and non-loan aid to over 4.8 million Illinois students and families.
Please Note: 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.