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We only have one requirement - the purchaser or the beneficiary must have resided in Illinois for at least one year immediately prior to the purchase of a College Illinois! For infants under age one, the parent or guardian must meet this residency requirement.
Once we’ve received your application we will send a Welcome package that includes written confirmation of your purchase, participation and payment schedule and a Disclosure Statement and Master Agreement.
The Disclosure Statement and Master Agreement provides a more complete description of the terms and conditions of, and risks associated with the purchase of a contract. Prepaid Tuition Program is exempt from registration under the Securities Act of 1933 and the Illinois Securities Law of 1953.
Our three-tier system lets you choose from plans with prices based on the tuition and mandatory fees at three diverse types of higher education settings.
If the purchaser dies without a will or if the successor purchaser dies before the purchaser’s death, the executor of the purchaser’s estate will be entitled to name a new purchaser or request a refund on behalf of the estate.Unused benefits may be transferred to a member of the Beneficiary’s family as defined by the Internal Revenue Service (The list of eligible family members is extensive).The account owner would need to submit a completed Change of Beneficiary form to transfer the benefits to a new Beneficiary subject to a maximum nine semesters* allowed any single Beneficiary.Under current law, plan earnings are 100 percent exempt from state and federal taxes. also enjoys federal gift and estate tax benefits.* Individuals subject to Illinois state income tax can deduct from their taxable income up to a maximum of ,000 per year for contributions made toward the purchase of any College Illinois! Married couples filing jointly can deduct up to ,000 per year.* This state tax deduction reduces the individuals' adjusted gross income (AGI) by the amount contributed up to ,000 (or ,000 for those filing jointly).** **The limit on the state tax deduction applies to combined contributions to College Illinois!, the Bright Start Savings Program, and the Bright Directions Savings Program.
