Simple steps can help pay for college

In 1957, the General Assembly created the Illinois Student Assistance Commission to ensure college accessibility and affordability for students. In the half-century since, millions of Illinois families have benefited from ISAC-administered programs.

The commission’s big goal is to increase the proportion of Illinois adults with a postsecondary credential to 60 percent by 2025. However, tuition increases at many Illinois community colleges and universities have far outpaced growth in family income in recent years. The problem is magnified in a sagging global economy where an educated work force provides the edge.

In today’s knowledge economy, a college degree is no longer a luxury; it’s a necessity. One way parents may achieve some peace of mind about paying for their child’s education is to explore the many financial aid programs available through ISAC. Here are two New Year’s resolutions that can pay big dividends in the near and not-so-near future: 1) For those applying for financial aid, be sure to complete the FAFSA as close to Jan. 1 as possible to ensure the best chance of receiving all of the financial aid one might be eligible to receive. 2) Embark on a plan to save for/pay for college. The College Illinois! Prepaid Tuition Program’s monthly enrollment incentives save families money the earlier they begin.

For parents of children entering college in the fall or already enrolled, the new, simpler FAFSA is the single application used to apply for federal and state financial aid, including federal Pell grants and student loans as well as Illinois’ $400 million Monetary Award Program (MAP).

For parents of young children, College Illinois! allows purchasers to lock in the cost of tuition now, protecting them from future tuition inflation while allowing benefits to be applied at colleges and universities nationwide according to the terms of their contract.

Andrew Davis

Executive director

Illinois Student Assistance Commission

Deerfield