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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5725
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Higher Education Student Assistance Act. Makes a technical change
concerning the Act's purpose.
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A BILL FOR
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HB5725 |
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LRB093 16966 NHT 42623 b |
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| AN ACT concerning financial assistance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Higher Education Student Assistance Act is |
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| amended by
changing
Section 5 as follows:
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| (110 ILCS 947/5)
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| Sec. 5. Purpose. The General Assembly finds and declares |
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| that (1) the
provision of a higher education for all residents |
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| of this State who desire a
higher education and are properly |
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| qualified therefor is important to the
welfare and security of |
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| this State and Nation and, consequently, is an
important public |
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| purpose, and (2) many qualified students are deterred by
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| financial considerations from completing their education, with |
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| a consequent
irreparable loss to this
the State and Nation of |
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| talents vital to
welfare and
security. The number of qualified |
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| persons who desire a higher education is
increasing rapidly, |
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| and the physical facilities, faculties, and staffs of
the |
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| institutions of higher learning operated by, within and for the
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| residents of the State will have to be
expanded greatly to |
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| accommodate those persons, with an attendant sharp
increase in |
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| the cost of educating them. A system of financial
assistance of |
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| scholarships, grants, and loans for qualified
residents of |
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| college age will enable them to attend qualified institutions
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| of their choice in the State, public or private. The adoption |
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| of new federal
student loan legislation necessitates that the |
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| State update and broaden its
system of financial student |
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| assistance.
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| As market conditions permit, the Commission is |
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| specifically encouraged to
offer reasonable and affordable |
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| supplemental or alternative educational loans
to students who |
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| seek to obtain these loans. As part of these alternative or
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| supplemental direct lending initiatives, the Commission may |
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