(110 ILCS 979/10)
In this Act:
"Illinois public university" means the University of Illinois, Illinois State
University, Chicago State University, Governors State University, Southern
Illinois University, Northern Illinois University, Eastern Illinois University,
Western Illinois University, or Northeastern Illinois University.
"Illinois community college" means a public community college as defined in
Section 1-2 of the Public Community College Act.
"Eligible institution" means an institution of higher learning, as defined in Section 10 of the Higher Education Student Assistance Act, whose students are eligible to receive benefits under Section 529(a)
of the Internal Revenue Code of 1986, as specified by the federal Small
Business Act of
1996 and subsequent amendments to this federal law.
"Illinois prepaid tuition contract" or "contract" means a contract entered
into between the State and a Purchaser under Section 45 to provide for the
higher education of a qualified beneficiary.
"Illinois prepaid tuition program" or "program" means the program created in
"Purchaser" means a person who makes or has contracted to make payments under
an Illinois prepaid tuition contract.
"Public institution of higher education" means an Illinois public university
or Illinois community college.
"Nonpublic institution of higher education" means any eligible institution, other than a public institution of higher education.
"Qualified beneficiary" means (i) anyone who has been a resident of this
State for at least 12 months prior to the date of the contract, or (ii) a
nonresident, so long as the purchaser has been a resident of the State for at
least 12 months prior to the date of the contract, or (iii) any person less
than one year of age whose parent or legal guardian has been a resident of this
State for at least 12 months prior
to the date of the contract.
"Tuition" means the quarter or semester charges imposed on a qualified
beneficiary to attend an eligible institution.
"Mandatory Fees" means those quarter or semester fees imposed upon all
students enrolled at an eligible institution.
"Registration Fees" means the charges derived by combining tuition and
"Contract Unit" means 15 credit hours of instruction at an eligible
"Panel" means the investment advisory panel created under Section 20.
"Commission" means the Illinois Student Assistance Commission.
(Source: P.A. 96-1282, eff. 7-26-10.)