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Enrollment:
Enroll directly with the program
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Enrollment
period: October 31, 2006 through April 3, 2007; enrollment for
newborns (less than 1 year old) continues through August 1, 2007
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State
agency(s):
Illinois Student Assistance Commission
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Program
manager:
Illinois Student Assistance Commission
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Are
there any state residency requirements? Yes, account owner or
beneficiary must be an Illinois resident for at least 12 months prior
to application
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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
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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.
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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
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Are
program
benefits backed by the full faith and credit of the state? No
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Are
program benefits collateralized or guaranteed in any other way? Yes,
the legislature is required to consider an appropriation to cover the
shortfall
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Maximum
contributions: In 2005-06 enrollment, $44,436 for a 9-semester
university contract purchased in a lump sum for a child in the ninth
grade or older
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Minimum
contributions: In 2005-06 enrollment, $1,350 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 $30/month
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Is
there an
enrollment or application fee? Yes, $85 ($50 for subsequent
applications)
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Benefits
for beneficiary attending private or out-of-state institution: Equal to
the average mean-weighted credit hour value of public in-state costs
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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
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Contract
payment options: Lump sum, initial lump sum payment and installment
payments for the balance, or installment payments only
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