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{ISAC Rules, Section 2771.20}
To be eligible, the bondholder must:
Have continuously owned the bond(s) for at least 12 months preceding the date of maturity.
Use at least 70% of the bond proceeds for costs of enrollment which are reasonably incurred by the student beneficiary during an academic year, including tuition and fees, room and board, books and supplies, child care expenses, laundry, travel and at an eligible Illinois institution.
Use the proceeds from the bond(s) in either the academic year in which the bond(s) matured, or the academic year immediately following maturity.
Designate only one student beneficiary for each bond that matures, but the same student beneficiary may be named to five bonds with no more than $25,000 of aggregate compound accreted value at maturity for each academic year.
In addition, the student beneficiary must:
Be enrolled on at least a half-time basis as an undergraduate or graduate student at an ISAC-approved 2- or 4-year college in Illinois.
Not attend an educational institution organized solely for the purpose of religious instruction.
Not be enrolled in an academic program of divinity for any religious denomination or pursuing a course of study to become a minister, priest, rabbi, etc.
Proceeds from the bond(s) must be used in either the academic year in which the bond(s) matured or in the academic year immediately following the maturity of the bond(s).
Answers to Frequently Asked Questions (FAQs) about Illinois College Savings Bonds are available on the State of Illinois Web site.
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