College Illinois! Prepaid Tuition: A Holiday Gift That Lasts a Lifetime

Lawndale News Chicago's Bilingual Newspaper - EducationFor just a few more weeks, the Illinois Student Assistance Commission is offering College Illinois! 529 prepaid tuition plans at 2011 rates, and parents planning for the future are taking advantage of the end of the year discount this holiday season. Perhaps the biggest draw for parents is that families who contribute to College Illinois! prepaid tuition plans before December 31 can qualify for 2012 tax benefits.

College Illinois! is a state-sponsored plan that allows purchasers to lock in the cost of tuition. When a beneficiary is ready to go to college, he or she can choose to attend almost anywhere, because benefits can be used at all Illinois public universities and community colleges or applied at most public and private institutions nationwide, according to the terms of the contract.

Contributions made towards a contract before December 31 can be claimed on 2012 state tax returns. Illinois taxpayers can deduct contributions up to $10,000 per individual or $20,000 for married couples filing jointly. Those who purchase a plan as a holiday gift for their child or grandchild can claim a gift-giving tax exemption of up to $26,000 per couple. For additional information about ISAC’s College Illinois! Prepaid Tuition Program, please visit or call 877-877-3724.

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