HB6755 Summary

• Appropriates $830,908,600 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2010, comprised of $425,031,100 in General Funds, $25,500,000 in Other State Funds, and $380,377,500 in Federal Funds.

• Allocates $44,477,500 from Student Loan Operating Fund for administrative expenses including personnel services ($17,208,900), employee benefits ($11,067,400), contractual services ($12,630,700), and equipment and communications ($2,437,900).

• Appropriates $403,896,100 from General Revenue Fund for Monetary Award Program grant awards to eligible students.

• Provides funding for various scholarship programs including Illinois National Guard and Naval Militia Scholarships ($4,400,000), Minority Teacher Scholarships ($2,500,000), Illinois Scholars Scholarships ($3,160,000), Illinois Future Teacher Corps Scholarships ($2,000,000), and Robert C. Byrd Honors Scholarships ($3,000,000).

• Allocates $290,000,000 from Federal Student Loan Fund and $15,000,000 from Student Loan Operating Fund for loan guarantees, collection activities, and federal loan system development and maintenance.