529 PLAN FREQUENTLY ASKED QUESTIONS

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Frequently Asked Questions - Cancellations & Refunds

1. If I cancel my plan, who receives the refund and how much money will be returned?
   
   If you cancel the plan within the first three years of the contract, you will receive a refund equal to the amount of payments made, less applicable fees. After three years, you will receive a refund equal to payments made, less any benefits or other refunds paid plus two percent interest compounded annually. Cancellation fees will apply. All refunds are issued to the contract purchaser.
   
   
2. What happens if the beneficiary doesn't use all the benefits?
   
   If the beneficiary doesn't use all the plan benefits, but is still within the 10-year limit from first enrollment, you may do any of the following:
   
   
   • Keep the benefits and use them for the beneficiary's graduate study or continuing education in the future. Benefits applied to graduate study tuition and fees will be paid at the undergraduate tuition rate.
   • Change the beneficiary of the plan.
   • Cancel the account and request a refund.
   
   
   
3. Can I cancel my plan?
   
   Our service representatives are available to counsel you on how you can keep your commitment to your child’s college education-even through tough times and unexpected developments-call us at 1-877-877-3724. If you do decide to cancel, you can terminate a contract at any time and request a refund. The amount of the refund will depend on the particular circumstances at that time and is subject to applicable fees and service charges. During the first three years of a contract, the purchaser can receive a refund in the amount of payments made, less applicable fees and service charges. After three years, the purchaser will receive a refund equal to payments made, less any benefits or other refunds paid, plus two percent interest compounded annually.
   
   
4. What happens if I’m unable to keep up with my payments?
   
   Contact the College Illinois! 529 Prepaid Tuition Program as soon as you suspect you might have a problem. We will work with you to help protect the value of the benefits you will have paid for already. Call us at 1-877-877-3724
   
   
5. How do I cancel my plan?
   
   If you do decide to cancel, you can terminate a contract at any time and request a refund. Please call us at 1-877-877-3724 so we can give you specific instructions.
   
   
6. If I cancel my plan, can I apply again during another enrollment period?
   
   If you cancel your College Illinois! 529 Prepaid Tuition Program plan, you may apply again during future enrollment periods. It is likely that contract costs will be higher at the time of re-entry than when the original contract was purchased. For this reason, it is to the participant's advantage to remain in the program.