College Financing
Terry, years ago you suggested in your column using the “College Illinois” program to save and pay for my two children’s college costs. They are 30 and 28 now. To this day I say “it was the best financial advice I ever followed”. Do you still suggest it – I think young parents would want to know. Thank you for your advice both then and now.
Terry Says
CollegeIllinois is the PREPAID TUITION PROGRAM –but it is not a guarantee of anything but credits for in-state tuition. And it is not a general obligation of the state. Given Illinois’ precarious financial position, I would now avoid CollegeIllionis and instead use the “investment” program, the 539 plan called BrightStart.com. The money grows tax free, based on your investment choices. It does carry some market risk, but your assets are segregated in the funds. And over the long run you should come out ahead.
