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Change
an address
To change an address for a purchaser
or beneficiary on a College Illinois!
account, go to View
Your Account where you can update the
address online. You can also download the
Change
of Address Form or request one by mail.
A written request indicating the new address
can also be sent to College Illinois!,
PO Box 19292, Springfield, Illinois 62794-9292
(please include the purchaser's signature).
Designate
or change a successor purchaser
To designate or change a successor
purchaser who would take control of the
prepaid tuition contract in the event of
the purchaser's death, download the Successor
Purchaser Form or request one by mail.
Under the terms of a College Illinois!
contract, the purchaser is encouraged to
name a "successor purchaser" to
take control of the contract in the event
of the purchaser's death. The successor
purchaser would then have all the rights
and responsibilities of the original purchaser
under the contract. Those rights include,
but are not limited to, the right to keep
the College Illinois! contract in
place for the beneficiary (and continue
making payments if the contract is not paid
in full), or the right to cancel the contract
and request a refund, which would be refunded
to the successor purchaser, not the beneficiary.
The successor purchaser also has the right
to assign the contract to a new purchaser,
or transfer benefits from the named beneficiary
to a new beneficiary who is a member of
the beneficiary's family (member of the
family is defined in the Master
Agreement and Disclosure Statement).
In light of the above rights and responsibilities,
a successor purchaser should be someone
who can handle the financial responsibility
of the contract if installment payments
remain outstanding and should also be a
trustworthy person who has the beneficiary's
best interest at heart.
By not naming a successor purchaser, the
future of a prepaid tuition contract may
depend on the decisions of those handling
the purchaser's estate. Or, if the purchaser
desires to have the contract terminate upon
their death and a refund made to their estate,
those decisions must be clear to their executor
by indicating such election in the last
will and testament.
Change
the purchaser
To change the purchaser of a College
Illinois! account, download the Change
of Purchaser Form or request one by
mail.
A service
fee will apply. In the event of the
purchaser's death, please use the Change
of Purchaser Due to Death Form, or contact
a customer service representative at 1-877-877-3724,
option 2.
Change
the beneficiary
To change the beneficiary of a College
Illinois! account, download the Change
of Beneficiary Form or request one by
mail.
The new beneficiary must be eligible to
receive the benefits and be a member of
the extended family, as defined in the Master
Agreement and Disclosure Statement.
A service
fee will apply.
In the event of the beneficiary's death,
please use the Change
of Beneficiary Due to Death Form, or
contact a customer service representative
at 1-877-877-3724, option 2.
Increase
or decrease semesters on a current plan
Changes to a prepaid tuition contract
can be made by the purchaser at any time.
A purchaser can reduce the number of semesters
of a prepaid tuition plan (referred to as
a "downgrade"), or increase the
number of semesters of a plan (referred
to as an "upgrade"). All plan
changes take into consideration the balance
previously paid for the contract.
Plan downgrades may reduce installment
amounts or entitle you to a refund. Most
plan upgrades require an actuarial fee and
immediate payment to ensure the new plan
is up-to-date on the payments due. Some
plan upgrades also require an increased
installment amount.
Please remember that no one beneficiary
can have more than nine semesters prepaid
on their behalf. For more information, please
contact a customer service representative
at 1-877-877-3724, option 2.
Change
the payment method
The purchaser can change the payment
method to another payment schedule offered
by the program at any time by submitting
a request in writing (must include the purchaser's
signature).
For more information about payment schedules
offered, please contact a customer service
representative at 1-877-877-3724,
option 2. Send change requests to
College Illinois!, PO Box 19292, Springfield,
Illinois 62794-9292. A
service fee will apply.
Cancel
an account
The purchaser can cancel an account
at any time by submitting a Cancellation
Form. A cancel request may be made to
College Illinois! in writing if
signed by the purchaser and notarized.
Please send cancellation requests to College
Illinois!, PO Box 19292, Springfield,
Illinois 62794-9292. Cancellation
fees will apply. For more information,
please contact a customer service representative
at 1-877-877-3724, option 2.
Access
information about an account
View
your account anytime online or call
a customer service representative at 1-877-877-3724,
option 2, during normal business hours.
Account information, including current
plan balance, next payment due date, last
three payments received, payoff amount and
requests for documents, can also be requested
through our automated system at 1-877-877-3724,
option 2.
Roll
over funds from other education savings
funds
You may roll over funds from another
529 Qualified Tuition Program to College Illinois! for the same beneficiary
once every 12 months without federal tax
consequences. You may roll over funds at
any time without tax consequences if you
change the beneficiary to a member of the
family, as defined by the IRS, to include
virtually any relative of the previous beneficiary.
You may also transfer funds from a Coverdell
Education Savings Account or certain qualified
U.S. savings bonds to College Illinois!
without negative tax consequences. Qualified
U.S. savings bonds are any Series EE bonds
issued after 1989, and all Series I bonds.
Additional age and income limits apply.
For more information, visit www.savingsbonds.gov.
Once the College Illinois! account
is established, you will need to complete
a Roll
Over Form and provide it along with
documentation from the transferring institution
that shows the earnings portion of the roll
over. If you do not provide this information,
the entire roll over will be treated as
earnings. In order to retain the tax-free
treatment of the roll over, all withdrawals
must be transferred to College Illinois!
within 60 days of the initial withdrawal.
Please contact a tax professional or financial
advisor for more detailed information.
Transfer
funds from an UTMA/UGMA account to College Illinois!
Since every situation is unique,
College Illinois! recommends that
you speak to a professional tax advisor
before liquidating Uniform Transfer to Minors
Act (UTMA) and Uniform Gift to Minors Act
(UGMA) assets to fund a College Illinois!
plan. If you do choose to use UTMA/UGMA
assets for College Illinois!, you
will need to submit a UTMA/UGMA
Form acknowledging your responsibility
to maintain the custodial status of the
assets, releasing College Illinois!from liability associated with the
transfer of funds. Certain restrictions
apply to the treatment and ownership of
a College Illinois! plan when custodial
funds are involved. |
