Friday, August 5, 2016

Discontinuing College Illinois is a foolish recommendation - Chicago Business

The Illinois Student Assistance Commission takes its role as fiduciary to College Illinois plan holders seriously, and we are always interested in engaging in a thoughtful discussion of how to strengthen the plan for Illinois families. However, we believe Joe Cahill's recent recommendation (“The state needs to kill its prepaid tuition plan—now,” July 13) to shut down this valuable program despite positive funding trends over the last four years is misguided and would subject the program and its participants to financial uncertainty during one of the worst state budget crises in memory. College Illinois is a long-term program that, as a qualified 529 plan, provides significant tax advantages and a unique value to families who prefer the certainty of a fixed price to prepay college tuition.

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