$250 Rebate: The College Illinois! Prepaid Tuition - - Description and Rules

The College Illinois!® Prepaid Tuition Program (abbreviated here as “College Illinois!”) has a $250 Rebate Program for qualifying new accounts for which an online application is submitted by June 15, 2011 and which the applicant had entered Voucher Code “PAS529” as the voucher code for such online application.

College Illinois! is a Qualified Prepaid Tuition Program under Section 529 of the Internal Revenue Code, and it is administered by the Illinois Student Assistance Commission (abbreviated here as “ISAC”), an agency of the State of Illinois.

Overview of the College Illinois! $250 Rebate Program

The College Illinois! $250 Rebate Program is described below using the abbreviated term “$250 Rebate Program.” The $250 rebate is described below using the abbreviation term “Rebate.” These Rules govern the $250 Rebate Program and the Rebate.

The $250 Rebate Program is available only for a limited time for which a timely online application is submitted. Qualifying accounts will automatically receive a $250 account credit after the plan account Purchaser (the “Purchaser”) makes the initial account payment.

The $250 Rebate will be provided only as described in these Rules and only to qualifying participants in the $250 Rebate Program. Purchasers who make payment in a lump sum for the full amount of a plan and who qualify as a participant in the $250 Rebate Program will automatically receive a rebate of $250 by mail after the lump sum payment has been processed at College Illinois!.

The College Illinois! Master Agreement and Disclosure Statement

The College Illinois! Master Agreement and Disclosure Statement govern the terms and conditions of College Illinois! account contracts, and Purchasers agree to be bound by its terms when applying for a College Illinois! contract. The College Illinois! Master Agreement and Disclosure Statement is described below using the abbreviated term “Master Agreement.”

The Master Agreement is available at the College Illinois! website (at www.529prepaidtuition.org) or can be obtained through the mail, either by calling 1-877-877-3724 or writing to College Illinois! at P.O. Box 19291, Springfield, IL 62794-9291. Potential Purchasers of College Illinois! contracts should carefully review the Master Agreement.

How Does the Rebate Work?

If the Purchaser chooses to purchase a College Illinois! Contract with a lump sum payment for the full amount of the Contract price and who qualify for the $250 Rebate, will receive the rebate of $250 after the lump sum payment has been processed at College Illinois!.

If the Purchaser chooses to purchase a College Illinois! Contract using installment payments, the $250 Rebate will be credited to the Purchaser’s account after College Illinois! processes the Purchaser’s initial installment payment.

The value of the Rebate is not refundable to the Purchaser. If an account is established and then cancelled before a beneficiary uses the account benefits, any refund shall be payable in accordance with the terms of the Master Agreement - - but will not include the value of the Rebate. Cancellation of a College Illinois! contract may result in cancellation fees and charges as described in the Master Agreement.

Limited Eligibility and Limited Time

As described in these Rules, the $250 Rebate Program is only available to eligible Purchasers using an online application only for a limited time. There is no limit to the number of accounts that a Purchaser can sign up for as part of the $250 Rebate Program. However, one Purchaser cannot create more than one Rebate Program account for the same contract beneficiary.

$250 Rebate Program Eligibility and Obtaining the Rebate

The $250 Rebate Program is open to any person who is age 18 or older who meets the normal eligibility requirements described in the Master Agreement and uses a College Illinois! online application by June 15, 2011.

Committing to Make Program Account Payments

By signing up, Purchasers are committing to make a purchase of a College Illinois! Plan and to make such payments on the account as required by and described in the Master Agreement.

Limited Time Program, and How to Apply

The $250 Rebate Program is only available for a limited time, as follows: Only Program account applications submitted between January 22, 2011 and June 15, 2011 using a College Illinois! online application with the voucher code entered may participate in the $250 Rebate Program.

To apply for the $250 Rebate Program you must submit an online application on the College Illinois! website (www.529prepaidtuition.org). Paper applications are not eligible for the $250 Rebate Program.

The application deadline is June 15, 2011. Go to the College Illinois! website (www.529prepaidtuition.org) to apply, to find out if you are eligible to purchase a program account, or go there for plan information or application details.

Normal Approval and Reporting Processes Apply

All account applications are subject to the normal College Illinois! eligibility requirements and approval process, including a review to determine compliance with the residency requirement. To the extent required by law, College Illinois! will report the value of the Rebate to the Internal Revenue Service. Any applicable taxes are the responsibility of the account holder.

Tax Advice

Neither ISAC nor College Illinois! staff can provide tax advice. It is recommended that you consult a tax professional to assess your specific financial and tax situation before purchasing a College Illinois! contract.

Applicable Laws and Venue

ISAC is a commission of the State of Illinois, established by the Higher Education Student Assistance Act [110 ILCS 947/15]. College Illinois! is governed by the terms of the Master Agreement, the Illinois Prepaid Tuition Enabling Act [110 ILCS 979/1, et. seq.], the ISAC College Illinois! Prepaid Tuition Program Administrative Rules [23 Ill. Adm. Code 2775, et. seq.], and all other applicable laws of the State of Illinois and federal laws, including 26 U.S.C. §529, as amended.

Venue shall be in state or federal court located in Chicago, Illinois for any action arising from or relating to the $250 Rebate Program, or an Rebate or Incentive Program Account, or any College Illinois! account contracts that are purchased.