Carolyn Peace / photo from the Illinois Lottery

Carolyn Peace / photo from the Illinois Lottery

A woman who bought a winning lottery ticket at a Southwest Side convenience store plans to pay off her son’s student loans now that she’s won a $500,000 prize and $5,000 a week for the next 20 years.

Carolyn Peace, 55, bought the winning “20 Years of Cash” scratch-off ticket at Lucky Mart, 2900 W. 87th St., the Illinois Lottery said in a statement issued Tuesday. The ticket won her a $500,000 prize now and annual installments of $260,000 for 20 years, bringing the total prize amount to $5,700,000.

“I want my son to complete his dream of pursuing higher education without a financial burden,” Peace said in the statement. “I believe that’s what parents should do — take care of their children the best way they can.”

Lucky Mart will receive a bonus of $57,000, or 1 percent of the prize amount, for selling the winning ticket, the lottery said.