529 PLAN FREQUENTLY ASKED QUESTIONS

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Frequently Asked Questions - Contract Coverage

1. Where can the College Illinois! 529 Prepaid Tuition Program benefits be used?
   
   In general, the College Illinois! 529 Prepaid Tuition Program benefits can be used at any non-profit, accredited institution eligible to receive federal financial aid. This includes any Illinois public university (except UIUC unless you own a university+ plan) or community college and most any public or private college throughout the country. In addition, there are several proprietary institutions located in Illinois where the College Illinois! 529 Prepaid Tuition Program benefits may be used. Benefits may also be applied to tuition and fees at the international postsecondary institutions recognized by the U.S. Department of Education as eligible to receive federal financial aid.
   
   
2. What will the College Illinois! 529 Prepaid Tuition Program cover?
   
   The College Illinois! 529 Prepaid Tuition Program covers in-state or in-district tuition and mandatory fees for the number of semesters purchased. Each semester is equal to 15 credit hours. Mandatory fees are those fees required as a condition of enrollment for all students.
   
   
3. How are benefits applied?
   
   If the beneficiary attends an Illinois public institution, tuition and mandatory fees will be completely covered at the in-state rate for the number of credit hours covered by the contract.
   
   If the beneficiary attends a private institution or out-of-state institution, benefits paid will equal the mean-weighted average of tuition and fees charged by Illinois public universities or community colleges at the time of the beneficiary's enrollment in college. The mean-weighted average depends on the type (Choice 1, 2, or 3) of prepaid plan purchased. The mean-weighted average may be more or less than tuition and mandatory fees charged depending on where the student enrolls. If this amount is less, then the beneficiary is responsible for paying the difference. If this amount is more, then the balance will remain in the student's account for future use.
   
   For current and historic weighted average numbers, please review the tuition cost tables, by clicking here.
   
   
4. Will the College Illinois! 529 Prepaid Tuition Program contract guarantee in-state or in-district rates at Illinois public universities and community colleges?
   
   The purchase of a The College Illinois! 529 Prepaid Tuition Program plan does not guarantee in-state or in-district rates. In order to qualify for in-state or in-district tuition, the student must meet residency requirements at their particular institution at the time they enroll.
   
   
5. What does a semester cover?
   
   Each semester purchased is the equivalent of 15 credit hours.
   
   
6. Can I mix and match my coverage options?
   
   Only with our combination plans, which cover four semesters at a community college and four semesters at a university (University or University+ options), can you mix and match benefit levels in a single purchase. Otherwise, you can mix and match coverage options with multiple purchases. Each plan purchased would require a separate application.
   
   
7. What if an institution is on a trimester or quarterly schedule instead of a semester schedule?
   
   Semester hours can be converted into quarter hours and trimester hours.