529 PLAN FREQUENTLY ASKED QUESTIONS

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Frequently Asked Questions - Eligibility & Ownership

1. What happens if the owner or the beneficiary of a College Illinois! 529 Prepaid Tuition Program contract moves out of state?
   
   If the owner of a contract moves out of Illinois, this does not impact plans already purchased; it will make the owner ineligible to purchase additional contracts unless the beneficiary meets the Illinois residency requirement.
   
   If the beneficiary of the contract moves out of Illinois, this does not impact plans purchased. Although as a non-resident of Illinois, the beneficiary would be subject to non-resident tuition and fee rates at Illinois public institutions, which would not be covered in full by their College Illinois! 529 Prepaid Tuition Program plan benefits.
   
   
2. Who can buy a College Illinois! 529 Prepaid Tuition Program plan?
   
   Anyone who is 18 or older and a resident of the US can purchase a College Illinois! 529 Prepaid Tuition Program contract. The program also has an Illinois residency requirement that can be met by the purchaser or the beneficiary. This includes the following:
   
   
   • Any adult who has lived in Illinois for at least 12 months immediately prior to applying, or claims Illinois as their domicile in the case of military personnel.
   • Any adult who lives outside of Illinois, provided the beneficiary (or in the case of a newborn the parents) has lived in Illinois for at least 12 months immediately prior to applying.
   • Any adult may purchase for a newborn as long as the parent or guardian has lived in Illinois for at least 12 months immediately prior to applying.
   • Any organization or trust may purchase as long as one of the above conditions has been met.
   
   
   
3. Can a College Illinois! 529 Prepaid Tuition Program contract be jointly owned?
   
   Only one owner can be listed on the plan.
   
   
4. What happens if the purchaser dies?
   
   If the purchaser dies without a will or has not designated a successor purchaser before their death, the executor of the estate will be entitled to name a new purchaser or request a refund on behalf of the estate. By designating a successor purchaser, you ensure your College Illinois! 529 Prepaid Tuition Program plan will go towards the student’s education as you intended.
   
   
5. Who can be covered by a College Illinois! 529 Prepaid Tuition Program plan?
   
   Any resident of Illinois can be designated as a beneficiary from the moment of birth. No maximum age limits apply. Non-residents can be designated as beneficiaries, provided that purchaser has resided in Illinois for at least 12 months immediately prior to purchase.