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Rep. Kevin A. McCarthy
Filed: 5/4/2006
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09400SB2225ham003 |
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LRB094 15510 NHT 58784 a |
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| AMENDMENT TO SENATE BILL 2225
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| AMENDMENT NO. ______. Amend Senate Bill 2225, AS AMENDED, |
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| by replacing everything after the enacting clause with the |
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| following:
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| "Section 5. The Higher Education Student Assistance Act is |
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| amended by adding Section 39 as follows:
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| (110 ILCS 947/39 new) |
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| Sec. 39. Monetary Award Program Plus. |
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| (a) The Commission shall receive and consider applications |
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| for monetary grant assistance under this Section to benefit |
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| those students who will not receive Monetary Award Program |
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| grants awarded in accordance with Section 35 of this Act, but |
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| who will benefit from assistance in paying for the costs of |
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| attendance at institutions of higher learning. Subject to a |
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| separate appropriation for this purpose and sufficient revenue |
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| from the sale of student loan assets, transaction processing, |
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| or refinancing, an applicant is eligible for a Monetary Award |
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| Program Plus grant under this Section if the Commission finds |
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| that the applicant meets all of the following qualifications: |
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| (1) He or she is a resident of this State and a citizen |
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| or permanent resident of the United States. |
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| (2) He or she is enrolled at least half-time as a |
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| sophomore, junior, or senior at a MAP-eligible |
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| institution, as defined under the Monetary Award Program. |
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09400SB2225ham003 |
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LRB094 15510 NHT 58784 a |
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| (3) He or she will not receive in the same academic |
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| year a Monetary Award Program grant under Section 35 of |
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| this Act. |
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| (4) He or she is from a family that had an adjusted |
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| gross income, listed on the Free Application for Federal |
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| Student Aid, of less than $200,000 for the 2005 taxable |
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| year. |
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| (b) All grants under this Section are applicable only to |
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| tuition and mandatory fee costs. The Commission shall determine |
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| the grant amount for each student, which amount must not exceed |
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| $500 per year or $250 per semester and must not exceed tuition |
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| and mandatory fees net of State and federal financial aid. |
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| (c) Grants under this Section may be awarded only for the |
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| Fall 2006 and Spring 2007 semesters. |
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| (d) The Commission shall pay Monetary Award Program Plus |
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| grant awards to eligible students by application date, on a |
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| first-come, first-served basis. |
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| (e) The Commission, in determining the number of Monetary |
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| Award Program Plus grants to be awarded, shall utilize whatever |
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| appropriate data is available and shall notify applicants that |
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| grant assistance is contingent upon the availability of |
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| appropriated funds. |
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| (f) The Commission shall determine if sufficient funds are |
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| available from the sale of student loan assets, transaction |
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| processing, or refinancing to continue Monetary Award Program |
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| Plus beyond the Spring 2007 semester and shall prepare a report |
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| for the Governor and General Assembly indicating whether |
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| funding is available and how it can be used to support the |
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| program.
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| Section 99. Effective date. This Act takes effect July 1, |
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| 2006.".
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