TITLE 23: EDUCATION AND CULTURAL RESOURCES
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AUTHORITY: Implementing and authorized by Section 8 of the Baccalaureate Savings Act [110 ILCS 920/8].
SOURCE: Emergency rules adopted at 15 Ill. Reg. 15800, effective October 21, 1991, for a maximum of 150 days; emergency expired on March 19, 1992; adopted at 16 Ill. Reg. 6873, effective April 14, 1992; amended at 18 Ill. Reg. 10246, effective July 1, 1994; amended at 19 Ill. Reg. 8312, effective July 1, 1995; amended at 20 Ill. Reg. 9136, effective July 1, 1996; Old Part repealed and New Part adopted at 21 Ill. Reg. 11018, effective July 18, 1997; amended at 22 Ill. Reg. 11035, effective July 1, 1998; amended at 23 Ill. Reg. 7532, effective July 1, 1999; amended at 24 Ill. Reg. 9090, effective July 1, 2000; amended at 25 Ill. Reg. 8364, effective July 1, 2001; amended at 27 Ill. Reg. 10417, effective July 1, 2003; amended at 29 Ill. Reg. 9948, effective July 1, 2005; amended at 32 Ill. Reg. 10342, effective July 1, 2008.
Section 2771.10 Summary and Purpose
a) The Baccalaureate Savings Act [110 ILCS 920/8] authorizes the sale of Illinois college savings bonds and provides for a grant program as an additional financial incentive to encourage the use of proceeds from matured bonds at Illinois colleges or universities.
b) This Part establishes rules which govern the Bonus Incentive Grant (BIG) Program. Additional rules and definitions are contained in General Provisions, 23 Ill. Adm. Code 2700.
c) The purpose of this Part is to establish the conditions and procedures for a bondholder to designate a student beneficiary as the recipient of a BIG and to outline the process by which a student beneficiary applies for and obtains this grant.
(Source: Amended at 22 Ill. Reg. 11035, effective July 1, 1998)
Section 2771.20 Applicant Eligibility
a) A bondholder shall:
1) be able to furnish documentation that demonstrates that he or she has continuously owned the Illinois college savings bonds for at least the 12 months preceding the date of maturity or, for Illinois college savings bonds with an original maturity date of less than 12 months, that he or she has owned the bonds for at least the six months preceding the date of maturity, unless the bonds were acquired by gift or under the laws of descent and distribution; and
2) use at least 70 percent of the bond proceeds for costs incident to enrollment that are reasonably incurred by the student beneficiary 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 eligible institution of higher learning.
b) A student beneficiary shall be:
1) designated by a bondholder as the recipient of a grant pursuant to this Part;
2) the beneficiary of at least 70 percent of the bond proceeds paid at maturity;
3) the beneficiary of not more than $25,000 worth of bond proceeds in any single academic year; and
4) enrolled or accepted for enrollment and registered for classes on at least a half-time basis at an eligible non-profit institution of higher learning that is not organized solely for the purpose of religious instruction.
(Source: Amended at 32 Ill. Reg. 10342, effective July 1, 2008)