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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 as soon as possible after the application becomes available in 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. All grants under this program are subject to sufficient annual appropriations by the Illinois General Assembly
Applications for the 2011-12 academic year may be submitted to ISAC beginning at 9 a.m. (CT) on Monday, August 1, 2011, continuing until all available funds are awarded. It is possible that not all applicants who meet the eligibility requirements will receive a grant. Applicants who are not approved for payment will receive notification from ISAC. Students are encouraged to submit an application as soon after 9 am on August 1st as possible. Complete applications will be processed according to the date they are received at the Deerfield office of ISAC. Incomplete applications will be returned to the student beneficiary and will not be considered until complete.
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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