Synopsis As Introduced Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to award grants to students in financial need who are enrolled for at least 15 credit hours in an institution of higher learning. Provides that the Commission shall receive funding for the grants through appropriations; the amount to be appropriated for the grant program each fiscal year shall equal the total amount appropriated for higher education from the General Revenue Fund for the 2015 fiscal year; no amounts may be appropriated for higher education from the General Revenue Fund beginning with the 2016 fiscal year other than amounts appropriated for these grants; and the amount of each grant shall equal the amount appropriated for the grant program for a given fiscal year divided by the number of applicants who qualify for a grant. Requires each grant recipient to sign an agreement under which the recipient agrees to the following terms: (1) if a grant recipient graduates from an institution in 4 years or less, he or she must repay one-half of the total amount of grants received; (2) if a grant recipient does not graduate from an institution in 4 years or less, he or she must repay the total amount of grants received; and (3) if the grant recipient resides in this State immediately following graduation from an institution, the Commission shall forgive, for each year of residency, one-eighth of the remaining grant amount owed. Effective immediately.