College Illinois! prepaid tuition must be reported on the Free Application for Federal Student Aid (FAFSA) if the contract is owned by your parent(s) whose assets are reported on the FAFSA. Parents should report the refund value of all prepaid tuition plans they own for all dependent children. If someone other than your parent(s), such as a grandparent, aunt or uncle owns the College Illinois! contract, it does not need to be reported on the FAFSA. The amount that should be reported on the FAFSA is shown on the account annual statement sent to the account owner each year in January and in the Benefits Information section when you access the account online.