If you live in Illinois and have children that you believe will be attending college in the future you’ll want to consider a 529 college savings plan. These outstanding plans are used as prepaid tuition toward your child’s future college enrollment. The 529 college savings plan locks in college tuition costs at today’s prices. This way you do not have to worry about how much college might cost in 20 years. This can be very beneficial to most families that are afraid they will not be able to afford tuition costs in the near future. These outstanding plans give your child the option to attend any state University in Illinois.
Illinois 529 College Savings Plans Pricing
There are many different options when it comes to pricing for the 529 savings plan. These plans include lump sum payments, annual payments, and monthly payments. Depending on which program you choose and the age of your child, both will directly affect how much each payment will be. One of these plans offers monthly payments as well as $68 per month. This monthly payment is based on a 15 year period of time.
Illinois 529 Savings Plan Fees
There are only a limited amount of fees that are involved in the 529 college savings plan. Some of these payment processing charges include three dollars per monthly payment. Watch out for service fees that are only affected if you make changes to the plan that you have chosen. If you do not make any changes and stay with the program that you requested you reduce the amount of fees that you can be charged. The Application Process
Once you decided to purchase the 529 prepaid tuition program you will have to fill out a contract. These contracts are self-explanatory and include a Master agreement and disclosure statement. Once the application is filled out and you have made a choice on which program you would like to be part of the process begins. If you are not sure which program is best for you, you will want to speak with a representative or counselor. Counselors can be reached at 1-877-877-3724. If you have more than one child you will have to complete separate applications for each individual savings plan.
What Schools Accept 529 Prepaid Tuition Programs in Illinois?
Almost every public university in Illinois or community college participates with the 529 college plans. In addition, there are several proprietary institutions where the prepaid tuition program benefits can be transferred. In most cases private colleges in Illinois will accept partial payments from 529 college plans. Prepaid tuition programs cannot be used at for-profit or proprietary institutions.
Being able to afford college tuition can be extremely expensive. Planning ahead of time can be a great way to help your child have his or her future education paid for. This can be a great way for parents to remove the burden of college debt from their child’s future. The 529 Illinois college savings plan is a great way to ensure that your child gets the education that they want without being afraid of going broke.