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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.
Applications for the BIG Program are no longer being accepted for the 2007-08 academic year.
You may either scroll through this page, or click on any of the following links to go directly to a specific topic:
Program Description
Eligibility
How to Apply (and Obtaining the Application)
Applications Accepted Beginning August 1, and Continuing
Until All Available Funds Awarded
Details
Funding
Processing Updates
Participating Schools
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. As explained in the Official Statement that is provided to bondholders at the time of purchase, all grants made under the BIG Program are subject to annual appropriation by the Illinois General Assembly.*
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 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.
How to Apply
To apply, you must work with your college to complete and submit an application for the BIG Program, in order for the complete application to be submitted to ISAC as soon as possible after August 1. ISAC will continue to accept applications until, based upon each academic year's application volume and annual appropriations, all available funding has been awarded.
You may download and print the application via College Zone, or request an application from ISAC. Complete applications must be submitted to ISAC's Deerfield office. Included on the application is a section for the college to provide ISAC with verification of the student's enrollment and program eligibility. In order to be considered complete, an application submitted to ISAC must have the bondholder, student beneficiary and college's information.
You must apply for this program as soon as possible after August 1 of the academic year in which the bond(s) matured, or in the academic year immediately following maturity. You must submit a new application each year you wish to be considered for a grant. Because the number of grants awarded each year is based on limited funding, it is possible that not all applicants who meet eligibility requirements will receive a grant. Complete applications will be processed according to the date they are received at ISAC.
Funding
The money used to award grants through this program is funded via annual appropriations by the Illinois General Assembly and the Governor. Grants are made until all appropriations (i.e., money) have been fully awarded (i.e., until no money remains).
During the 2006-07 academic year, funding was sufficient to award grants for applications received through mid-fall (October 2006). For the 2007-08 academic year, a 50% reduction in appropriated funds resulted in grants being awarded for applications received through approximately the third week of August 2007.
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.
Processing Updates
Note that ISAC routinely updates this section as new information becomes available. Be sure to check back periodically for the current processing status.
For the 2007-08 Academic Year (last updated on
December 7, 2007):
As part of the FY08 state budget process (which determines funding levels for the 2007-08 academic year), the appropriation for the BIG Program was significantly reduced. The volume of 2007-08 BIG Program qualified applicants exceeds the available funding for awards. Consequently, ISAC is no longer accepting applications for this program. Awards have been made to qualified applicants whose complete applications were received at ISAC through approximately the third week of August 2007.
Qualified and funded applicants are approved and the student beneficiary receives a copy of the voucher that is submitted to the State Comptroller for payment. The State Comptroller's Office sends a check within a minimum of six to eight weeks from the date listed on the voucher.
Applicants with complete applications received after funds were exhausted will receive notification from ISAC, and are encouraged to refer to the Eligibility section of this page to determine if they would be eligible for the BIG Program for the 2008-09 academic year.
For the 2008-09 Academic Year (last updated on October 2, 2007):
ISAC anticipates launching the 2008-09 BIG Program application on August 1, 2008. Remember that you must apply for this program as soon as possible after August 1 of the academic year in which the bond(s) matured, or in the academic year immediately following maturity. The bondholder, student beneficiary, and college Registrar's Office or Office of Records must complete the application. Be sure to carefully review the information provided in the How to Apply section on this page.
The appropriation (funding) level for the 2008-09 BIG Program will be determined as part of the FY2009 State of Illinois budget (anticipated to be finalized during the summer of 2008). If appropriated funds are not sufficient to award grants to all qualified applicants, complete applications will be processed according to the date they are received at ISAC.
Review the Eligibility section of this page for details regarding eligibility requirements.
To view a listing of Illinois colleges approved to participate in this program, click on the link for the appropriate academic year:
2007-08
2008-09
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