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Illinois College Saving Plans

Illinois Annual Tuition Rates

by Jeff Flott

August 12, 2009

College Illinois

Illinois offers state tax deductions for College Illinois! contributions.
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! prepaid tuition contract. Married couples filing jointly can deduct up to $20,000 per year. This state tax deduction reduces the individuals' adjusted gross income (AGI) by the amount contributed up to $10,000 (or $20,000 for those filing jointly). An annual statement sent by the program to account owners each year in January summarizes the contributions made during the tax year. Illinois tax form IL-1040 requires that Schedule M be attached to take the state tax deduction. The limit on the state tax deduction applies to combined contributions to College Illinois!, the Bright Start Savings program, and the Bright Directions program.

Bright Start College Savings

Illinois offers state tax deductions for Bright Start College Savings contributions.
Effective with the tax year beginning January 1, 2005, for each individual filer, up to a maximum of $10,000 in contributions ($20,000 if filing jointly) to the Program in a tax year is deductible from state taxable income for that tax year including the contribution portion of rollovers (but not the earnings portion of rollovers) from other Section 529 programs.

Illinois offers state tax exemptions for earnings from Bright Start College Savings.

Bright Start account earnings are not taxed at the state or federal level.

 

Illinois Public Universities 08-09 Tuition Rate

Chicago State University $8,878 

Eastern Illinois University $9,262 

Governors State University $8,000 

Illinois State University $10,436 

Northeastern Illinois University $9,498 

Northern Illinois University $9,726 

Southern Illinois University / Carbondale $9,807 

Southern Illinois University / Edwardsville $9,199

University of Illinois at Springfield $10,632

University of Illinois at Chicago

  General $11,710

   Engineering $13,508

   Architecture and Arts $12,806

   Nursing $15,214

   Business $12,710

    Human Nutrition $12,340

    Movement Sciences $12,710

    Health Information Management $12,806

    Science $12,710

 University of Illinois at Urbana / Champaign 

   Base $12,116

   Business $16,268

   Chemistry and Life Sciences $16,268

   Engineering $16,268

   Fine & Applied Arts $13,316

   Journalism $12,816

   Agricultural, Consumer & Environmental Sciences I $13,212

   Agricultural, Consumer & Environmental Sciences II $14,306

Western Illinois University $9,278




 

 

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