New lotto addition to pay for college tuition
October 5, 2010
College tuition could just be a scratch-off away for students.
The newest addition to the instant win lotto family is the $2 ‘Cash 4 College’ ticket, through which students can win four years of paid college tuition.
Tracy Owens, Illinois Lottery’s communications manager, said the new ticket was introduced due to requests from their players. Winners of the grand prize are granted mandatory fee college payments through College Illinois! 529, a known college savings program.
College Illinois! 529’s mandatory fee payments only cover costs a university requires, such as NIU’s requirement for freshmen to live in the residence halls. One drawback to the grand prize is the money will only be paid back after the student’s third year of college. Winners can also opt to take a $20,000 cash prize instead of paid tuition.
“The odds of winning the grand prize are about one in 480,000,” Owens said. “Most will not win the grand prize; however, there is a one in 4.3 chance of winning any of the smaller prizes.”
Some students who have not yet heard about the ticket said they are intrigued about the concept.
“My parents occasionally play the lotto, but I have never heard of ‘Cash 4 College,'” said Jasmine Crespo, freshman sociology major. Crespo said she was grateful for a ticket that could help her family pay for college.
Almost all public and most private colleges, NIU included, allow for the free tuition payments. The winning tickets are transferable, allowing a parent or friend to give their winnings to any future or current college student.
Some people have said they question the motives of the Illinois Lottery’s decision to introduce the game.
“This lotto ticket plays on the emotions of indebted parents and students, wrongly convincing them to try the easy way out instead of saving money,” said Zhizi Li, a freshman undecided major. “I wouldn’t want someone to buy the ticket for me.”
For those who wish to purchase a ticket, they are widely available at most of the 7,500 state-wide lotto retailers for the next six months.