Palatine, IL … As college tuition continues to rise, parents are encouraged to learn about Illinois 529 plans that will ease the burden of paying for college through a seminar sponsored by State Representative Suzanne “Suzie” Bassi (R-Palatine).

“As the cost of college continues to dramatically increase, Illinois families are looking to get ahead in saving for their child’s higher education. Both College Illinois and Bright Start offer great saving opportunities for all income levels. I urge all families to look into both programs and see what works best for them,” said Bassi.

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The College Savings Seminar will be held at 7 p.m. Monday, April 6, at Harper College Wojcik Conference Center – Room W101, 1200 W Algonquin Road, Palatine.

Representatives from both Bright Start and College Illinois will discuss both 529 college saving programs along with information about scholarship opportunities. Everyone in attendance will be entered into a raffle for Bright Start 100. A winner will be drawn that night to receive $100 toward a new Bright Start account.

College Illinois is a prepaid tuition program. Family members buy a set number of semesters at today’s tuition rates. Those rates are then guaranteed no matter what happens to tuition rates between the purchase and the child’s enrollment in higher education. The money can be used at almost any institution, in state or out, including public or private. The deadline to enroll in College Illinois is April 30. The enrollment period runs from October through April each year.

In contrast, Bright Start is offered though the Illinois treasurer’s office and works essentially like a 401(k) in which families contribute a set amount of money to the plan that is invested in mutual funds and equity investments. The money invested in a Bright Start account is deductible from an Illinois resident’s state taxes and when the time comes for the funds to be used for education related purposes, the money is withdrawn federal and state tax-free. The money can be used for tuition, fees, books as well as room and board.