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! contract? ANSWER
2. Can I contribute to a 529 savings plan, a Coverdell Education Savings Account and a College Illinois! plan at the same time? ANSWER
3. How are College Illinois! 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! 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 College Illinois!? ANSWER
8. Where can I find more IRS tax information for higher education? ANSWER

Schools, Admissions & Financial Aid

1. What schools accept College Illinois! benefits? ANSWER
2. Will a College Illinois! plan hurt the beneficiary's chance for financial aid? ANSWER
3. Will a College Illinois! plan affect a student's admission to the college? ANSWER
4. Are there any schools where College Illinois! 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