|
The number of grants made through this program, as well as the individual dollar amount awarded, are subject to sufficient annual appropriations by the Illinois General Assembly and the Governor.
If you are the beneficiary of an Illinois College Savings Bond, you may be eligible to receive a Bonus Incentive Grant (BIG). The amount of your grant will depend on the amount of the bond, ranging from a $40 to $440 grant per $5,000 of the bond.
Answers to Frequently Asked Questions (FAQ) about Illinois College Savings Bonds are available on the State of Illinois Web site.
Eligibility
To be eligible, the bondholder must:
- Have continuously owned the bond(s) for at least 12 months preceding the date of maturity
- Use, directly or indirectly, at least 70 percent of the proceeds received when the bond(s) matures to finance the student beneficiary's educational expenses incurred 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 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.
How to Apply
To apply, the bondholder and beneficiary must complete an application for the BIG Program. The beneficiary must provide the complete application to his/her college’s Registrar’s office for certification of his/her enrollment status and have the application forwarded to ISAC. You must apply for this program between August 1 and May 30 of the academic year in which the bond(s) matured, or in the academic year immediately following maturity. All correspondence and payment will be sent to the address listed for the student beneficiary.
Details
- The application process cannot begin prior to redemption of the matured bond(s)
- The State of Illinois disburses the funds to the student beneficiary on the school's behalf.
|
