Bill Status of HB5388 101st General Assembly
Short Description: HIGHER ED-COLLEGE SAVINGS
Rep. Norine K. Hammond - Grant Wehrli - Patrick Windhorst - Amy Grant, Terra Costa Howard and Mary Edly-Allen
| 1/13/2021||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Treasurer Act and Illinois Prepaid Tuition Act. Provides that, beginning on July 1, 2020, for a designated beneficiary or qualified beneficiary who is a State resident, no contributions toward the College Savings Pool or the purchase of an Illinois prepaid tuition contract may be considered in evaluating the financial situation of the beneficiary or be deemed a financial resource or form of financial aid or assistance to the beneficiary for purposes of determining the eligibility of the beneficiary for any scholarship, grant, or monetary assistance awarded by the Illinois Student Assistance Commission. Provides that contributions toward the College Savings Pool or the purchase of an Illinois prepaid tuition contract may not reduce the amount of any scholarship, grant, or monetary assistance that the beneficiary is eligible to be awarded by the Commission. Effective June 1, 2020.