Prepaid Tuition Program does not have the entire contract amount to invest at the beginning of the contract.Contract prices are determined for each enrollment period based upon a variety of factors and include a built-in stabilization fee.
The Disclosure Statement and Master Agreement provides a more complete description of the terms and conditions of, and risks associated with the purchase of a contract. Prepaid Tuition Program is exempt from registration under the Securities Act of 1933 and the Illinois Securities Law of 1953.
Our three-tier system lets you choose from plans with prices based on the tuition and mandatory fees at three diverse types of higher education settings.
Under current law, plan earnings are 100 percent exempt from state and federal taxes. also enjoys federal gift and estate tax benefits.* Individuals subject to Illinois state income tax can deduct from their taxable income up to a maximum of ,000 per year for contributions made toward the purchase of any College Illinois! Married couples filing jointly can deduct up to ,000 per year.* This state tax deduction reduces the individuals' adjusted gross income (AGI) by the amount contributed up to ,000 (or ,000 for those filing jointly).** **The limit on the state tax deduction applies to combined contributions to College Illinois!
, the Bright Start Savings Program, and the Bright Directions Savings Program.
Unused benefits may be transferred to a member of the Beneficiary’s family as defined by the Internal Revenue Service (The list of eligible family members is extensive).
The account owner would need to submit a completed Change of Beneficiary form to transfer the benefits to a new Beneficiary subject to a maximum nine semesters* allowed any single Beneficiary.
Although as a non-resident of Illinois, the beneficiary would be subject to non-resident tuition and fee rates at Illinois public institutions, which would not be covered in full by their College Illinois! You can choose to pay a lump sum or start an installment plan, with or without a ,000 down payment. Purchase up to 4 semesters coverage at a community college and up to nine semester's coverage at a public university.
Or, purchase a combination of both public university and community college benefits not to exceed nine semesters for any one future student. If the reason for canceling is due to the receipt of a scholarship or the beneficiary's death or disability you will receive the value of the mean-weighted average cost of tuition at the colleges in your plan.
If the owner of a contract moves out of Illinois, this does not impact plans already purchased; it will make the owner ineligible to purchase additional contracts unless the beneficiary meets the Illinois residency requirement.
If the beneficiary of the contract moves out of Illinois, this does not impact plans purchased.
You may receive other forms depending on what payment plan you signed up for. is a contract and not an investment plan, there is no prospectus.