College Illinois - prepaid tuition & 529? (credit, loan, home)

[gardener34]

Has anyone out there taken advantage of the IL prepaid tuition/529 plans for college education funding?

I am on their website: collegeillinois.com - and I really can't seem to make heads or tails of it. Is it a good deal? We are thinking about taking advantage of this as our children will likely go to state schools.

On the site, it looks like the benefit is only for up to 9 semesters - 15 credit hours each semester. We are more interested in the prepaid tuition.

Thanks!

[linicx]

CollegeIllinois529 is prepaid tuition It is a contract that allows you to prepay up to 9 semesters. This is similar to "locking" in an interest rate on a home. The difference is the 'low interest rate on the home loan expires in 30 days.

The prepaid tuition rate does not expire until your child/children complete the purchased semesters. If I were you, and if I had the money, I would prepay as many semesters per child as I could. Be sure to read the fine print and understand what you are buying before you sign a contract. If you do not understand it, take it to your banker.

http://www.collegeillinois.com/en/co...dvssavings.htm

[gardener34]

From what it looks like, you have to finish your pre-payments before the kid begins college. The way the rates have been going up, it looks like a good deal to pre-pay. Thanks.