Illinois Compiled Statutes 110 ILCS 979/10 – Definitions
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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.
“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.
Terms Used In Illinois Compiled Statutes 110 ILCS 979/10
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“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.