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Illinois


College Illinois! Prepaid Tuition Program


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
The College Illinois! Prepaid Tuition Program offers a variety of tuition packages to Illinois families.

Program Details
Summary: The College Illinois! Prepaid Tuition Program offers a variety of tuition packages to Illinois families.
Program type: Prepaid contract
Enrollment period: November 18, 2014 through April 30, 2015
State residency requirements: The account owner or beneficiary must be an Illinois resident for at least 12 months prior to application.
Contract prices: Separate pricing schedules are developed for beneficiaries below 1st grade, beneficiaries in 1st to 8th grades, and beneficiaries in ninth grade or higher. For the 2014-15 enrollment period prices ranged from as little as $1,907 for a one-semester community college contract for a newborn, to as much as $92,507 for a nine-semester University of Illinois at Urbana-Champaign contract for a child in the ninth grade or higher.
Are program benefits backed by the full faith and credit of the state? No
Are program benefits collateralized or guaranteed in any other way? Yes, the legislature is required to consider, but not necessarily approve, an appropriation to cover the shortfall.
State tax deduction or credit for contributions: 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.
Web site: Click here to visit
Telephone: 1-877-877-3724
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