Saint Xavier University joins Independent 529 Plan
Tuition prepayment plan enables parents to lock in tuition rates now for future use
(April 29, 2009) CHICAGO, Ill. – Saint Xavier University has become the latest institution to join Independent 529 Plan, allowing parents to lock in tuition rates for their children’s future use.
Independent 529 Plan was launched in 2003 in a cooperative effort by a national group of private colleges and universities to help families manage the rising cost of higher education. Under the program, individuals can purchase tuition certificates for future redemption at any of the participating private colleges and universities, now including Saint Xavier.
“We are pleased to join many universities and colleges across the country in helping students to secure access and affordability in their pursuit of higher education,” said Saint Xavier University President Judith A. Dwyer, Ph.D.
“This plan is an innovative way for parents to provide for their children’s future education at less than today’s cost,” said Nancy Farmer, president and chief executive officer of Independent 529 Plan.
“In return for parents prepaying college costs, member colleges and universities accept the investment risk and protect parents from future tuition increases,” Farmer said. “Tuition purchased today is guaranteed to satisfy costs at the time the child enrolls. A parent who purchases a half year of tuition today will receive a half year of tuition when the child later redeems the tuition certificate at a member college. This is true regardless of how much tuition rises or what happens in the investment markets,” she said. “In fact, families will pay slightly less than current tuition because each of our participating schools discounts the tuition certificates by at least one-half of one percent per year.”
Saint Xavier University brings to 12 the number of Illinois colleges and universities that are members of Independent 529 Plan. The others are Augustana College, Bradley University, Elmhurst College, Illinois Institute of Technology, Illinois Wesleyan University, Knox College, Lake Forest College, Monmouth College, North Central College, Olivet Nazarene University, and the University of Chicago.
Nationally, a few of the more than 270 institutions participating in Independent 529 Plan include Stanford University, Princeton University, Massachusetts Institute of Technology, Johns Hopkins University, the University of Notre Dame, Washington University in St. Louis, Carnegie-Mellon University, and Wake Forest University.
About Saint Xavier University
Founded by the Sisters of Mercy in 1846, Saint Xavier University was the first Mercy college in the United States and is Chicago’s oldest Catholic university. Serving approximately 5,600 students at its campuses in Chicago, Orland Park and its Loop location, the University offers 35 undergraduate majors; more than 40 graduate program options in arts and sciences, business, education and nursing; and a variety of program options in continuing and professional studies. Recognizing Saint Xavier’s excellence in education, U.S. News and World Report has ranked SXU consistently among the Best Colleges in the Midwest. To learn more about Saint Xavier, visit www.sxu.edu.
About Independent 529 Plan
Independent 529 Plan is run by the nonprofit Tuition Plan Consortium and administered by TIAA-CREF Tuition Financing Inc. Funds saved can be used at any of the participating colleges and universities nationwide. Benefits are free of federal income tax, and the plan charges no enrollment or maintenance fees. For more information about Independent 529, call (toll free) 888-718-7878 or visit www.independent529plan.org.
April 29, 2009
Independent 529 Plan
Director of Media Relations
Saint Xavier University