College Illinois! was established to make college accessible and affordable for Illinois students and families. Program enrollment for 2020-21 is currently on hold pending continuing discussions with policymakers to help define proposals that will strengthen College Illinois! and efforts to move those proposals forward in the legislative process.
- Program typePrepaid contract
- Enrollment periodCollege Illinois! has a defined enrollment period. Program enrollment for 2022-23 is currently on hold pending continuing discussions with policymakers to help define proposals that will strengthen College Illinois! and efforts to move those proposals forward in the legislative process.
- Inception1998
- State agencyIllinois Student Assistance Commission
- Tax deduction
- Program ManagerIllinois Student Assistance Commission
Ratings & Rankings
Our overall rating for IL residents
This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.
Our overall rating for non-residents
This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.
SAVING FOR COLLEGE’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.
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
Contributions
Minimum contributions:
Contractual Features
Contract prices:
Available tuition packages:
Benefits for beneficiary attending private or out-of-state institution:
Contract payment options:
Are program benefits backed by the full faith and credit of the state?
Are program benefits collateralized or guaranteed in any other way?
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Fees & Expenses
Enrollment or application fee:
Taxes and other Benefits
- Tax deduction for single filers$10,000/yr
- Tax deduction for joint filers$20,000/yr
Example
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:
State tax deduction or credit for contributions:
State tax recapture provisions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Is there a rewards program or outside scholarship program that works with this program?
Upromise Helps Families Save for College
Statutory protection of an account from creditors:
Distributions & Terminations
To whom are distributions made payable:
Account Changes
Policy regarding participant/owner changes:
Contact
Website:
Telephone:
http://twitter.com/CollegeIllinois