College Zone - Printable Version - ISAC Gift Assistance Programs

collegezone.com	Print page	Close window

{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 (or, for Illinois College Savings Bonds with an original maturity date of less than 12 months, have owned the bonds for at least the six months preceding the date of maturity), unless the bonds were acquired by gift or under the laws of descent and distribution;.

use at least 70% of the bond proceeds for costs of enrollment that are reasonably incurred by the student beneficiary during an academic year, including tuition and fees, room and board, books and supplies, transportation and personal expenses related to attendance at the college. Seventy (70) percent of the bond proceeds must not exceed the beneficiary’s cost of attendance for the academic year; and

certify on the application that he/she meets all eligibility requirements.

A student beneficiary must:

be designated by a bondholder as the recipient of the Bonus Incentive Grant;

be the beneficiary of at least 70 percent of the bond proceeds paid at maturity;

claim BIG benefits up to a maximum of $25,000 worth of bond proceeds in any single academic year;

be enrolled or accepted for enrollment and registered for classes on at least a half-time basis as an undergraduate or graduate student at an eligible ISAC-approved 2- or 4-year college in Illinois that is not organized solely for the purpose of religious instruction;

not use the BIG proceeds to finance costs incurred in an academic program of divinity for any religious denomination or in a course of study to become a minister, priest, rabbi or other professional in the field of religion; and

certify on the application that he/she meets all eligibility requirements.

Proceeds from the bonds (70 percent must be used for educational purposes) and the BIG funds must be used by the student beneficiary in either the academic year in which the bond matures or in the academic year immediately following the maturity. Refer to the BIG Program Eligibility Based on Bond Maturity chart for examples. The bond proceeds and BIG funds must be used in the same academic year. An application must be completed during the academic year in which the funds are used.

Answers to Frequently Asked Questions (FAQs) about Illinois College Savings Bonds are available on the State of Illinois Web site.