Parents and grandparents who want to lock in the cost of college now with a College Illinois! 529 Prepaid Tuition Program have until Wednesday, May 31, to take advantage of 2016-17 pricing and be eligible to receive up to a $200 price reduction on qualifying plans.

College Illinois! allows purchasers to prepay for college now at today’s plan rates, so no matter how high tuition climbs by the time their student is ready to attend college, tuition and mandatory fees will be covered for the schools in their plan.

Plus, the value of the plan benefits can be used at almost any private or out-of-state school.

“With ongoing college tuition increases and mounting student debt levels, it’s critical for parents to plan early for the future cost of college,” said Eric Zarnikow, executive director of the Illinois Student Assistance Commission, the agency that administers the program.

“The younger your child is when you purchase a College Illinois! plan, the less you will pay for your plan. Even if you’re only able to put aside small amounts each month, you could have part of college paid for by the time your child reaches kindergarten.”

Prepaid tuition programs like College Illinois! can give a big financial boost to a child or grandchild. According to the Institute for College Access and Success, graduates of Illinois colleges and universities in 2015 who borrowed to finance their education had an average student loan debt of about $29,000.

But with College Illinois! parents and grandparents can prepay and save for college and help limit or even eliminate future student loan debt for their child or grandchild.

The program provides flexibility and significant benefits:

• Variety of plans. College Illinois! has plans to fit almost any budget, allowing parents to set up a plan that meets their financial needs.

• Tax advantages. As a qualified 529 plan, College Illinois! offers significant tax benefits. Earnings used for educational purposes are exempt from federal and state income tax and, within limits, a gift-giving exemption and a state income tax deduction apply.

• Gift-giving options. College Illinois! has customizable gift certificates, which make it easy for relatives and friends to purchase or contribute to a College Illinois! Prepaid Tuition plan for a child.

Parents and grandparents can take advantage of a special offer and receive up to a $200 price reduction when they purchase a qualifying plan before the end of the enrollment period.

General enrollment is open through May 31. Newborn enrollment, for children born between Sept. 1, 2016, and Aug. 31, 2017, runs through Aug. 31.

For details about College Illinois! Prepaid Tuition plans, visit www.collegeillinois.org.