Bill Status of HB3370 100th General Assembly
Short Description: AFFORDABLE COLLEGE FINANCING
Rep. Elgie R. Sims, Jr.
| 3/31/2017||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Affordable College Financing Pilot Program Act. Requires the Illinois Student Assistance Commission to implement and administer a pilot program to provide loans to 400 eligible students to attend State universities. Requires the loans to be repaid beginning 6 months after the borrower leaves school, on a schedule that is based on the income of the borrower. Specifies calculations for the amount of the loan and terms for repayment. Requires the Commission to submit progress reports to the General Assembly. Provides that, in the progress report, the Commission shall track average cumulative debt and year-to-year student retention and track and report the progress of borrowers throughout the repayment period. Amends the State Finance Act. Creates the Affordable College Financing Pilot Program Fund as a special fund in the State treasury. Effective immediately.