15 ILCS 505/16.8 — Illinois Code / Chapter 15 / Act 505 / Section 16.8
Section 16.8
Status: in_force

(15 ILCS 505/16.8) Sec. 16.8. Illinois Higher Education Savings Program. (a) Definitions. As used in this Section: "Beneficiary" means an eligible child named as a recipient of seed funds. "Eligible child" means a child born or adopted after December 31, 2022, to a parent who is a resident of Illinois at the time of the birth or adoption, as evidenced by documentation received by the State Treasurer from the Department of Revenue, the Department of Public Health, another State or local government agency, or a parent or legal guardian of the child. "Eligible educational institution" means institutions that are described in Section 1001 of the federal Higher Education Act of 1965 that are eligible to participate in Department of Education student aid programs. "Fund" means the Illinois Higher Education Savings Program Fund. "Omnibus account" means the pooled collection of seed funds owned and managed by the State Treasurer in the College Savings Pool under this Act. "Program" means the Illinois Higher Education Savings Program. "Qualified higher education expense" means the following: (i) tuition, fees, and the costs of books, supplies, and equipment required for enrollment or attendance at an eligible educational institution; (ii) expenses for special needs services, in the case of a special needs beneficiary, which are incurred in connection with such enrollment or attendance; (iii) certain expenses for the purchase of computer or peripheral equipment, computer software, or Internet access and related services as defined under Section 529 of the Internal Revenue Code; (iv) room and board expenses incurred while attending an eligible educational institution at least half-time; (v) expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as principal or interest on any qualified education loan of the designated beneficiary or a sibling of the designated beneficiary, as allowed under Section 529 of the Internal Revenue Code. "Seed funds" means the deposit made by the State Treasurer into the Omnibus Accounts for Program beneficiaries. (b) Program established. The State Treasurer shall establish the Illinois Higher Education Savings Program as a part of the College Savings Pool under Section 16.5 of this Act, subject to appropriation by the General Assembly. The State Treasurer shall administer the Program for the purposes of expanding access to higher education through savings. (c) Program enrollment. The State Treasurer shall enroll all eligible children in the Program beginning in 2023, after receiving records of recent births, adoptions, or dependents from the Department of Revenue, the Department of Public Health, another State or local government agency designated by the State Treasurer, or documentation as may be required by the State Treasurer from a parent or legal guardian of the eligible child. Notwithstanding any court order which would otherwise prevent the release of information, the Department of Public Health is authorized to release the information specified under this subsection (c) to the State Treasurer for the purposes of the Program established under this Section. (1) Beginning in 2021, the Department of Public Health shall provide the State Treasurer