Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 979/10

(110 ILCS 979/10)

Sec. 10. Definitions. 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 eligible educational institution as defined in Section 529 of the federal Internal Revenue Code of 1986 and any regulations thereunder.

"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
Section 15.

"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
mandatory fees.

"Contract Unit" means 15 credit hours of instruction at an eligible
institution.

"Panel" means the investment advisory panel created under Section 20.

"Commission" means the Illinois Student Assistance Commission.

(Source: P.A. 99-842, eff. 8-19-16.)