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Change
an address or email address
To change an address or email address for the Purchaser (owner) or Beneficiary (child), log in to your account and visit the “Maintain Profile” section. Here you can update the address, phone number, and email address. You can also download the Change of Address or Email Address Form to send to the program, or send a written request indicating the new address to College Illinois!, PO Box 19291, Springfield, Illinois 62794-9291. The request must be signed by the Purchaser of the account.
Increase semesters on an existing plan (Upgrade)
Changes to the number of semesters covered by a prepaid tuition plan can be made any time prior to the beneficiary using contract benefits. All plan upgrades take into consideration the balance previously paid for the contract but also require an actuarial fee and immediate payment to ensure the new plan is up-to-date on the payments due. The actuarial fee reimburses your prepaid tuition account for the amount of time the program did not have all contract funds invested on your behalf. If you are making installment payments, a plan upgrade will likely require an increased installment amount for future payments. No one beneficiary can have more than nine semesters prepaid on their behalf.
A purchaser can upgrade or increase the number of semesters in a plan by calling Customer Service at 1.877.877.3724, option 2, to obtain an upgrade quote. After obtaining a quote, you can download the Plan Upgrade Form to send to the program along with the upgrade amount due. Or, you can send the amount due along with a written request indicating the desired plan change to College Illinois!, PO Box 19291, Springfield, Illinois 62794-9291. The request must be signed by the Purchaser of the account. A $15 plan change fee is assessed and included in the quote provided by Customer Service.
Decrease semesters on an existing plan (Downgrade)
Changes to the number of semesters covered by a prepaid tuition plan can be made any time prior to the beneficiary using contract benefits. All plan downgrades take into consideration the balance previously paid for the contract. Plan downgrades may reduce future installment amounts or entitle you to a refund. This option may be helpful if you are having difficulty making scheduled installment payments or have incurred financial hardship that may lead to cancellation of the prepaid tuition contract.
A purchaser can downgrade or decrease the number of semesters in a plan by calling Customer Service at 1.877.877.3724, option 2, to learn about the downgrade options available for each specific account. Then, you can download the Plan Downgrade Form to send to the program along with the $15 plan change fee due. Or, you can send the fee along with a written request indicating the desired plan change to College Illinois!, PO Box 19291, Springfield, Illinois 62794-9291. The request must be signed by the Purchaser of the account.
Change the Purchaser
To change the purchaser or owner of a College Illinois! account, download the Change of Purchaser Form to send to the program. In the event of a purchaser’s death, please use the Change of Purchaser Due to Death Form, or contact Customer Service at 877.877.3724, option 2, to request a form by mail. A service fee for this change may apply.
Designate or change a Successor Purchaser
To designate or change the Successor Purchaser of a College Illinois! account who would take control of the prepaid tuition contract in the event of the Purchaser’s death, download the Successor Purchaser Form to send to the program or contact Customer Service at 877.877.3724, option 2, to request a form by mail.
Under the terms of a College Illinois! contract, the Purchaser is encouraged to name a Successor Purchaser who would then have all the rights and responsibilities of the original Purchaser in the event of the Purchaser’s death. Those rights include, but are not limited to, the right to keep the College Illinois! contract in place for the Beneficiary (and continue making payments if the contract is not paid in full), or the right to cancel the contract and request a refund, which would be refunded to the Successor Purchaser, not the Beneficiary. The Successor Purchaser also has the right to assign the contract to a new Purchaser, or transfer benefits from the named Beneficiary to a new Beneficiary who is a member of the family (as defined in the Master Agreement and Disclosure Statement). In light of these rights and responsibilities, a Successor Purchaser should be someone who can handle the financial responsibility of the contract if installment payments remain outstanding and should also be a trustworthy person who has the Beneficiary’s best interest at heart. By not naming a Successor Purchaser, the future of a prepaid tuition contract may depend on the decisions of those handling the Purchaser’s estate. Or, if the purchaser desires to have the contract terminate upon their death and a refund made to their estate, those decisions must be clear to their executor by indicating such election in the last will and testament.
Change the Beneficiary
To change the Beneficiary or future student for a College Illinois! account, download the Change of Beneficiary Form to send to the program. In the event of a Beneficiary’s death, please use the Change of Beneficiary Due to Death Form, or contact Customer Service at 877.877.3724, option 2, to request a form by mail. The new Beneficiary must be eligible to receive the contract benefits and be a member of the extended family of the original Beneficiary, as defined in the Master Agreement and Disclosure Statement. A service fee for this change may apply.
Change the payment method
The Purchaser can change the payment method to another payment schedule offered by the program. For more information about payment options available for each account, contact Customer Service at 877.877.3724, option 2. A service fee may apply.
Request a payoff for an account
To request a payoff amount for an existing account, log in to your account and visit the “Financial Information” section. Or, contact Customer Service at 877.877.3724, option 2, to request a payoff amount from a customer service representative or through our automated phone system.
Arrange for automatic withdrawal (ACH) for a monthly payment
To start making your monthly payment by automatic withdrawal (ACH), download the Automatic Withdrawal Authorization Form to send to the program or contact Customer Service at 877.877.3724, option 2, to request a form by mail. You can select from one of three dates available for the automatic withdrawal each month. Please continue to make your monthly payments by check until you are notified that the automatic withdrawal request has been processed.
Cancel an account
To cancel a College Illinois! account, the purchaser can download the Cancellation Form to send to the program. A written request may also be sent to College Illinois!, PO Box 19291, Springfield, Illinois 62794-9291 but the request must be signed by the Purchaser and notarized. Cancellation fees will apply and be deducted from the refund issued. Refunds amounts depend on the nature of the cancellation (voluntary, death or disability of the Beneficiary) and are typically issued within 3-4 weeks of receiving the cancel request. Scholarship refunds are processed differently.
Prevent my account from canceling due to delinquent payment
Under the terms of a College Illinois! contract, when an account is delinquent for 210 days, the account is cancelled and a refund will be issued to the Purchaser. Written notice is sent to the Purchaser 30 days prior to an account cancellation. You may have options such as different payment option or a plan downgrade available to you instead of allowing the account to cancel for delinquent payment. Please contact Customer Service at 877.877.3724, option 2, to review your options.
Reset my PIN to access my account online
If you are unable to log in to your account after several attempts, have forgotten your PIN or would like to reset your PIN to access your account online, please select the “I forgot my login information” link provided on the login screen and follow the instructions. A new PIN will automatically be sent to the email address on file with College Illinois!. If necessary, you can send a written, signed request to clear the existing PIN from your account. When the existing PIN is cleared, you can log in as a new user and designate a new PIN. Please fax requests to College Illinois! at 1.800.519.4652 or mail to College Illinois!, PO Box 19291, Springfield, Illinois 62794-9291.
Roll over funds from another college savings or education fund
You may rollover funds from another 529 qualified tuition program, Coverdell Education Savings Account or certain qualified U.S. savings bonds to College Illinois! without negative tax consequences. The College Illinois! account must be established and you as the account owner must request the transfer of funds from the other institution. Our Rollover Reporting Form must then be completed and sent to College Illinois! along with documentation from the transferring institution that shows the basis versus earnings portion of the rollover or the entire rollover will be treated as earnings. In order to retain the tax-free treatment of the rollover, all withdrawals must be transferred to College Illinois! within 60 days of the initial withdrawal.
You may roll over funds for the same Beneficiary once every 12 months without federal tax consequences. You may roll over funds at any time without tax consequences if you change the beneficiary to a member of the family, as defined by the IRS, to include virtually any relative of the previous beneficiary. Qualified U.S. savings bonds are any Series EE bonds issued after 1989, and all Series I bonds. Additional age and income limits apply.
Transfer funds from UTMA/UGMA accounts
Since every situation is unique, College Illinois! recommends that you speak to a professional tax advisor before liquidating Uniform Transfer to Minors Act (UTMA) and Uniform Gift to Minors Act (UGMA) assets to fund a College Illinois! plan. If you do choose to use UTMA/UGMA assets for College Illinois!, you will need to submit a UGMA/UTMA Form acknowledging your responsibility to maintain the custodial status of the assets, releasing College Illinois! from liability associated with the transfer of funds. Certain restrictions apply to the treatment and ownership of a College Illinois! plan when custodial funds are involved.
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