- a) The Baccalaureate Savings Act [110 ILCS 920/8] authorizes the sale of Illinois college savings bonds and provides for a grant program as an additional financial incentive to encourage the use of proceeds from matured bonds at Illinois colleges or universities.
- b) This Part establishes rules which govern the Bonus Incentive Grant (BIG) Program. Additional rules and definitions are contained in General Provisions, 23 Ill. Adm. Code 2700.
- c) The purpose of this Part is to establish the conditions and procedures for a bondholder to designate a student beneficiary as the recipient of a BIG and to outline the process by which a student beneficiary applies for and obtains this grant.
(Source: Amended at 22 Ill. Reg. 11035, effective July 1, 1998)