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College Illinois! 529 Prepaid Tuition Program
College Illinois! 529 Prepaid Tuition Program offers a variety of tuition packages to Illinois families.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Enroll directly with the program.
Illinois Student Assistance Commission
Current enrollment period October 1, 2013 through April 30, 2014.
The account owner or beneficiary must be an Illinois resident for at least 12 months prior to application.
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.
The contract must be purchased at least three years before benefits are used to pay for tuition and fees. The beneficiary must begin using contract benefits within 10 years of the projected enrollment date and then has 10 years to use the benefits.
Separate pricing schedules are developed for beneficiaries below 1st grade, beneficiaries in 1st through 8th grades, and beneficiaries in ninth grade or higher. For enrollment between October 1, 2013 and April 30, 2014, prices range from as little as $2,075 for a one-semester community college contract for a child in kindergarten or younger, to as much as $113,231 for a nine-semester University+ contract for a child in the ninth grade or higher.
Up to nine semesters of university level tuition and mandatory fees, up to four semesters of community college level tuition and mandatory fees, or a combination of four university semesters and four community college semesters. The University+ option is separately priced and covers the University of Illinois at Urbana-Champaign, which the basic University Plan does not.
Equal to the average mean-weighted credit hour value of public in-state costs.
Lump sum, initial lump sum payment and installment payments for the balance, or installment payments only. The extended payment plans are available only for children in 8th grade and younger. The first payment is due on the first day of the second month following the month of enrollment.
Yes, the legislature is required to consider, but not necessarily approve, an appropriation to cover the shortfall.
Fees & Expenses
Taxes and other Benefits
Program match on contributions:
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Contributions to an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income. For a rollover contribution, only the principal portion is eligible for the deduction. Contribution deadline is December 31 postmark. For tax years ending on or between 12/31/09 and 12/31/20, employers may claim a credit against Illinois tax for 25% of matching contributions made to an employee's account in an Illinois 529 plan, with a maximum annual credit of $500 per employee. Unused credits may be carried forward for five years.
Rollovers from this plan to an out-of-state program are included in Illinois taxable income to the extent of prior Illinois deductions. Nonqualified distributions from this plan are included in Illinois taxable income to the extent of prior Illinois deductions.
Qualified distributions from an Illinois 529 plan are exempt. Qualified distributions from a non-Illinois plan are exempt provided the plan meets certain disclosure requirements.
Illinois follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Statutory protection of an account from creditors:
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Distributions & Terminations
Benefits are paid directly to the school on behalf of the beneficiary; refunds are made to the purchaser/owner of the account.
Accepts requests to transfer contract ownership ($15 fee).