Current through Register Vol. 48, No. 38, September 20, 2024
a)
Application Procedures
1) Applications for a
BIG shall be available from the Illinois Student Assistance Commission (ISAC)
and eligible non-profit institutions of higher learning.
2) A complete application for BIG assistance
shall include certifications from: the bondholder, the student beneficiary and
the Registrar of the institution of higher learning at which the student
beneficiary is enrolled or accepted for enrollment and registered for
classes.
3) A bondholder or a
student beneficiary must submit a BIG application no earlier than August 1 of
the academic year for which assistance is being requested. Applications will be
accepted until such time ISAC determines that all funds are committed or until
May 30 of the academic year for which assistance is being requested, whichever
is earlier.
4) All grants under
this program are subject to sufficient annual appropriations by the General
Assembly. If appropriations are insufficient to provide all qualified
applicants with an award, available funds shall be allocated on the basis of
the dates that the complete applications are received in ISAC's Deerfield
office.
5) ISAC may require
applicants to provide documentation verifying that the bondholder owned the
bonds for the requisite length of time.
6) One student beneficiary may be designated
for each bond redeemed. In cases in which two individuals jointly own a college
savings bond, only one student beneficiary may be designated.
b) Application Certifications
1) The bondholder shall certify that:
A) the aggregate compound accreted value at
maturity of the college savings bonds was not more than $25,000;
B) at least 70 percent of the proceeds of the
college savings bonds have been or will be used for educational expenses
incurred by the student beneficiary during an academic year;
C) the student named on the application has
been designated as the beneficiary of the bond proceeds;
D) no other student has been designated as
the student beneficiary for the same college savings bond;
E) the information provided on the
application with regard to the bonds is true and correct, including the date on
which the bonds were issued, the date on which the bonds were acquired and the
date on which the bonds matured; and
F) the preceding certifications are being
provided for the academic year in which the application is being
submitted.
2) The
student beneficiary shall certify that:
A) his
or her address, Social Security Number and other identifying information is
accurate;
B) at least 70% of the
proceeds of the College Savings Bonds will be used for educational
expenses;
C) he or she is enrolled
or accepted for enrollment and registered for classes at an eligible non-profit
institution of higher learning;
D)
he or she will use the BIG proceeds to finance educational expenses that are
reasonably incurred during an academic year, including tuition and fees, room
and board, books and supplies, child care expenses, laundry, travel and other
personal expenses related to attendance at the institution of higher learning;
and
E) he or she will not use the
BIG proceeds to finance costs incurred in an academic program of divinity for
any religious denomination or in a course of study to become a minister,
priest, rabbi or other professional in the field of religion.
c) The dollar value of
the BIG shall be determined according to the Table of Grant Amounts (see
Appendix A); provided, however, that:
1) the
compound accreted value of the bonds shall not exceed $25,000 in any given
academic year;
Example: A BIG could not be claimed for more than 5 bonds of
$5,000 compound accreted value each in any given year. Even if 12 bonds of
$5,000 compound accreted value each, or $60,000 total, had been purchased on
behalf of a beneficiary, a BIG could be paid only for the first $25,000.
2) 70 percent of the compound
accreted value of the bonds for which a BIG is being claimed in a given
academic year does not exceed the beneficiary's cost of attendance at the
institution of higher learning for that year.
Example: The beneficiary's cost of attending University A is
$14,000. Since $14,000 is 70 percent of $20,000, a BIG could not be claimed for
bonds with a compound accreted value in excess of $20,000. Even if 5 bonds of
$5,000 compound accreted value each, or $25,000 total, had been purchased on
behalf of the beneficiary, in this case a BIG could be paid only on the first
$20,000.
d) Both
the proceeds of the bonds and the BIG assistance must be used by the student
beneficiary in the academic year in which the bond matures or in the academic
year immediately following maturity.
