What college benefits Illinois?
College Illinois! is intended to cover the cost of tuition and mandatory fees for full- or part-time undergraduate study. While the program does not offer prepaid tuition plans to cover graduate study, benefits may be applied to graduate student tuition and fees, but will be paid out at the undergraduate tuition rate.
Can College Illinois be used for room and board?
Save money that can be used to help cover costs for tuition, fees, books, and/or room & board. A TAX-ADVANTAGED PLAN DESIGNED TO ENCOURAGE FAMILIES TO SET ASIDE FUNDS FOR FUTURE COLLEGE COSTS.
Is College Illinois a 529?
As a 529 plan, College Illinois! offers great tax advantages, and the value of plan benefits can be used at most public and private colleges across the country.
Does Illinois have a 529 plan?
Illinois has two 529 college savings plans, as well as a prepaid tuition program. The direct-sold Bright Start College Savings Program and the Bright Directions Advisor-Guided 529 College Savings Program are managed by Union Bank & Trust.
Can I deduct 529 contributions in Illinois?
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.
Does Illinois have a college savings plan?
Is College Illinois taxable income?
Prepaid Tuition Program plan is 100% exempt from federal and Illinois state income tax. Individuals subject to Illinois state income tax can deduct from their taxable income up to a maximum of $10,000 per year for contributions made toward the purchase of any College Illinois!
Is community college free in Chicago?
Become a Star Scholar and Earn Your College Education Tuition-Free. Chicago Public Schools students–and now, students attending Chicago-based Big Shoulders Fund-supported schools–are able to pursue a degree or certificate at City Colleges at no cost.