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{ISAC Rules, Section 2771.30}
A Bonus Incentive Grant (BIG) Program Application must be completed by the bondholder, the student beneficiary, and the institution's Registrar. The Registrar must certify the student's enrollment status and forward the complete application to ISAC.
Applications may be submitted to ISAC beginning August 1 of the academic year in which the bond(s) matured, or in the academic year immediately following maturity. An application must be submitted to ISAC each year for which assistance is requested. Because the number of grants awarded each year is based on limited funding, applications will be accepted beginning August 1, continuing until all available funds are awarded. It is possible that not all applicants who meet the eligibility requirements will receive a grant. Students are encouraged to submit an application as soon after August 1 as possible. Applications will be processed according to the date they are received at ISAC. All grants under this program are subject to sufficient annual appropriations by the Illinois General Assembly.
ISAC may require applicants to provide documentation verifying that the bondholder owned the bond(s) for the required length of time.
The bondholder can designate only one student beneficiary for each bond redeemed.
State law (Public Act 93-812) prohibits exempting moneys held in college savings bonds from calculation of financial aid eligibility. As a result, those moneys will count as assets in determining a student's eligibility for state and federal financial assistance.
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