New promotion encourages funding future college tuition for as little as $57 a month

SPRINGFIELD, Ill., April 9 /PRNewswire/ -- Starting today, College Illinois!(SM), the state's only 529 prepaid tuition program launches its "57 Reasons" Incentive Program. With only a few weeks left to enroll at 2008-'09 contract prices, the incentive program makes the decision to enroll easier by giving qualifying purchasers the kind of reasons that really make sense: dollars! College Illinois! created this promotion to heighten awareness that Illinois residents can begin funding their child's future college tuition for as little as $57 per month.

The program works like this: qualifying purchasers receive a $57 account credit after making their first payment into a Choice 2 or Choice 3 (University or University Plus) plan. Some restrictions apply, so parents and grandparents are encouraged to visit the CollegeIllinois.com website and click on the "57 Reasons" logo for full details.

"With the close of our current enrollment fast-approaching, we wanted to give people another 57 reasons to ensure their childrens' higher education," said Andrew Davis, executive director of the Illinois Student Assistance Commission. "After all, a College Illinois! contract is still one of the safest investments available today. And a college tuition fund isn't something to just put aside."

Interested Illinois residents are encouraged to enroll as quickly as possible, as the $57 incentive program is limited to 300 participants. With the April 30 enrollment deadline fast approaching, the 300 $57 incentive credits are sure to go fast. Complete details regarding the promotion can be found online at collegeillinois.com.

More about College Illinois! Pricing and Plans

A new tiered pricing system called SmartChoice, introduced this enrollment period, makes plans even more affordable than ever before. SmartChoice pricing provides three distinct price levels with different payment options. The plans are completely flexible and let the purchaser choose a pricing option that best matches financial needs and realities. Combination plans including four semesters at a community college and four semesters at a university level are also available. Various payment options include monthly and annual installments and multiple down payment levels. In addition, program beneficiaries can choose to attend college anywhere because benefits can be used outside of the state at public and private institutions nationwide.

Upon purchasing a contract, Illinois taxpayers can deduct up to $10,000 per individual or $20,000 for married couples filing jointly, and all plan earnings are exempt from state and federal tax exemptions.*

College Illinois! is open for enrollment through April 30, 2009. For more information about College Illinois!, or to enroll in the program, visit www.collegeillinois.com or call (877) 877-3724.

About College Illinois! and the Illinois Student Assistance Commission:

Administered by the Illinois Student Assistance Commission (ISAC), College Illinois! is a secure college funding option. Similar to an insurance policy, College Illinois! is a contract between the purchaser and the state of Illinois that ensures tuition and fee benefits for college.

Since the program's inception in 1998, more than 62,500 prepaid tuition contracts with a value of more than $1.4 billion have been purchased. The program's Trust Fund is managed by professional money managers and is subject to oversight by the program's Investment Advisory Panel and the Illinois Student Assistance Commission.

The Illinois Student Assistance Commission provides students of all ages and backgrounds with the resources and support to obtain financial aid for higher education. A state agency, ISAC has paved the path to post-secondary education with innovative programs for more than 50 years. Last year alone, ISAC continued its mission to make college affordable for Illinois students by issuing 185,000 grants and scholarships totaling more than $448 million. Students and families have free access to a wealth of financial aid and college planning information at ISAC's family of websites at: www.knowhow2GOIllinois.org.

*Neither ISAC nor College Illinois! can provide legal or tax advice. Please consult a professional tax advisor concerning federal and state tax implications or purchasing any contract.

SOURCE College Illinois!

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http://www.collegeillinois.com