HB5909 99TH GENERAL ASSEMBLY

LRB099 18215 MLM 42584 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5909

Introduced , by Rep. Jaime M. Andrade, Jr.

SYNOPSIS AS INTRODUCED:

110 ILCS 947/35.1 new

Amends the Higher Education Student Assistance Act. Provides that the State Treasurer shall offer a no-interest loan to each student awarded a grant by the Illinois Student Assistance Commission under the Monetary Award Program who has not received the award under the Program due to a lack of appropriations. Provides that the loan shall be equal in size to the award offered by the Commission. Requires the loan to be repaid within 60 days of the student receiving the grant money from the Commission. Repeals the provisions one year after the effective date of the amendatory Act. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Higher Education Student Assistance Act is amended by adding Section 35.1 as follows:

(110 ILCS 947/35.1 new)

Sec. 35.1. Loans for Monetary Award Program recipients.

(a) The State Treasurer shall offer a no-interest loan to each student awarded a grant by the Commission under Section 35 of this Act who has not received the award due to a lack of appropriations. The offered loan shall be equal in size to the award offered by the Commission. The loan shall be repaid within 60 days of the student receiving the grant money from the Commission.

(b) This Section is repealed one year after the effective date of this amendatory Act of the 99th General Assembly.

Section 99. Effective date. This Act takes effect upon becoming law.