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A list of questions related to the category you selected are
listed below. To select another category of FAQs, you may click the category
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Frequently Asked Questions -
Using Benefits
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What if I purchase university semesters and the beneficiary decides to attend community college or vice versa?
University and University+ benefits are different than community college benefits because of the higher cost of tuition and fees and the higher cost of the contract. University and University+ benefits can be used at community colleges and vice versa, however, the plan will be depleted for fewer/more credit hours depending on the contract type and the school the student is attending. You can leave any excess benefits in the plan for use at a later date, request a refund or change the beneficiary of the plan to another family member.
For more detailed information about using benefits, click here.
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How does the beneficiary redeem their College Illinois! 529 Prepaid Tuition benefits?
The College Illinois! 529 Prepaid Tuition Program will contact the student during the spring of their senior year in high school about using the prepaid tuition benefits. At that time, the College Illinois! 529 Prepaid Tuition Program will provide information to the student and will confirm with the school that the student is eligible for benefits.
Once the student is enrolled, the College Illinois! 529 Prepaid Tuition Program will make payments for tuition and mandatory fees directly to the college or university.
For more detailed information about using benefits, click here.
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What if the beneficiary doesn't go to college immediately after high school?
The account stays available for 10 years from the student's projected college enrollment date. Benefits are activated only after the student directs the school to bill the College Illinois! 529 Prepaid Tuition Program.
An extension can be requested in writing if you think the beneficiary will exceed the 10-year time limit. Call the College Illinois! 529 Prepaid Tuition Program at 1-877-877-3724 for more information on how to make that request.
For more detailed information about using benefits, click here.
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Are there time limits on the use of the College Illinois! 529 Prepaid Tuition Program benefits?
The College Illinois! 529 Prepaid Tuition Program benefits may not be used until three years after the first payment due date of the contract.
In addition, the beneficiary has up to 10 years from the projected college enrollment date to start using College Illinois! 529 Prepaid Tuition Program benefits. Once the beneficiary starts using the prepaid benefits, they have 10 years to finish using benefits.
For more detailed information about using benefits, click here.
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When can the beneficiary start using benefits?
Benefits are available for use three years after the first payment due date. The plan must be paid in full prior to the use of any benefits.
For more detailed information about using benefits, click here.
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Can my student apply benefits to graduate study?
The College Illinois! 529 Prepaid Tuition Program is only intended to cover tuition and mandatory fees for full or part-time undergraduate study. However, benefits that remain unused after an undergraduate degree is completed may be applied to graduate study tuition fees, but will be paid out at the undergraduate tuition rate.
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Can I use my contract plan as collateral on a loan?
No, a purchaser with a paid-in-full contract cannot sell it or pledge it as collateral for debt.
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What if my student decides to transfer between schools?
College Illinois! 529 Prepaid Tuition Program benefits can be used at more than one school if your student transfers to another school during his or her college career.
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