Enrollment: Enroll directly with the program

Enrollment period: October 29, 2007 through April 29, 2008; enrollment for newborns (less than 1 year old) continues through August 1, 2008.

State agency(s): Illinois Student Assistance Commission

Program manager: Illinois Student Assistance Commission

Are there any state residency requirements? Yes, account owner or beneficiary must be an Illinois resident for at least 12 months prior to application

Are there any age, grade, or relationship requirements as to the beneficiary at the time of enrollment? Yes, contract must be purchased at least three years before benefits can be used to pay for tuition and fees, and the beneficiary must begin using contract benefits within a ten-year period period beginning on the date of projected enrollment

State tax benefits and other enhancements: Up to $10,000 per year per contributor ($20,000 joint); for rollover contributions, only the principal portion can be counted.

Are qualified distributions from out-of-state 529 plans exempt from this state's income tax? No, Illinois statute requires add-back of federal exclusion

Are program benefits backed by the full faith and credit of the state? No

Are program benefits collateralized or guaranteed in any other way? Yes, the legislature is required to consider an appropriation to cover the shortfall

Minimum contributions: In 2007-08 enrollment, $1,445 for a 1-semester community college contract purchased in a lump sum for a child in kindergarten or younger, installment option available as low as $32/month

Is there an enrollment or application fee? Yes, $85 ($50 for subsequent applications)

Benefits for beneficiary attending private or out-of-state institution: Equal to the average mean-weighted credit hour value of public in-state costs

Available tuition packages: Up to nine semesters of university level tuition and mandatory fees, up to four semesters of community college level tuition and mandatory fees, or a combination of four university semesters and four community college semesters

Contract payment options: Lump sum, initial lump sum payment and installment payments for the balance, or installment payments only