IL HB4394

Appropriates $818,439,600 total to the Illinois Student Assistance Commission for fiscal year 2009-2010: $440,062,100 in General Funds, $3,000,000 in Other State Funds, and $375,377,500 in Federal Funds.

Allocates $44,477,500 from the Student Loan Operating Fund for administrative expenses including personal services, employee benefits, contractual services, and equipment.

Appropriates $402,007,100 for Monetary Award Program grant awards and $10,000,000 for military veterans' scholarships at state universities and community colleges.

Funds various scholarship programs from the General Revenue Fund including Illinois National Guard scholarships ($4,480,000), Minority Teacher Scholarships ($3,000,000), Illinois Incentive for Access grants ($8,200,000), and other education assistance programs.

Allocates $290,000,000 from the Federal Student Loan Fund and $15,000,000 from the Student Loan Operating Fund for federal loan guarantees, collection activities, and loan servicing costs.