To view the answer to any FAQ below, click the answer link.

Tax Advantages & Implications

1. What are the income tax advantages of a College Illinois! 529 Prepaid Tuition Program contract? ANSWER
2. Can I contribute to a 529 savings plan, a Coverdell Education Savings Account and a College Illinois! 529 Prepaid Tuition Program plan at the same time? ANSWER
3. How are the College Illinois! 529 Prepaid Tuition Program plans treated under federal estate tax laws? ANSWER
4. What are the tax consequences of a cancellation, refund or transfer? ANSWER
5. How are College Illinois! 529 Prepaid Tuition Program plans treated under federal gift tax laws? ANSWER
6. Can I roll over funds from other education savings funds? ANSWER
7. Can I transfer funds from my child's UGMA/UTMA account to the College Illinois! 529 Prepaid Tuition Program? ANSWER
8. Where can I find more IRS tax information for higher education? ANSWER

Schools, Admissions & Financial Aid

1. What schools accept College Illinois! 529 Prepaid Tuition Program benefits? ANSWER
2. Will a College Illinois! 529 Prepaid Tuition Program plan hurt the beneficiary's chance for financial aid? ANSWER
3. Will a College Illinois! 529 Prepaid Tuition Program contract affect a student's admission to the college? ANSWER
4. Are there any schools where College Illinois! 529 Prepaid Tuition Program benefits can't be used? ANSWER

Cancellations & Refunds

1. If I cancel my plan, who receives the refund and how much money will be returned? ANSWER
2. What happens if the beneficiary doesn't use all the benefits? ANSWER
3. Can I cancel my plan? ANSWER
4. What happens if I’m unable to keep up with my payments? ANSWER
5. How do I cancel my plan? ANSWER
6. If I cancel my plan, can I apply again during another enrollment period? ANSWER