Too many of our families have been taking advantage of similar programs in other states, especially in our border communities. Now we've plugged the financial drain, and Illinois residents can invest in their children's future right here in their home state. Topinka believes that by planning ahead, working families can break the cycle of educational debt that often financially devastates both students and their families. According to Topinka, participating in the program will be as easy as going to a local financial institution to open a College Savings Pool account. Can be used for fees other than tuition, such as room and board, books, supplies and equipment.
Money is invested and processed at local financial institutions for a small fee.
To enhance safety and liquidity and to ensure diversification of the Pool by keeping investment dollars in Illinois, a percentage of each account must be invested in financial institutions doing business in the state. When possible, deposits will be made with the institution where the account was opened.