SB2406 Summary

• Appropriates $818,439,600 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2009, comprised of $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 ISAC administration, including $17,208,900 for personal services, employee benefits and retirement contributions, and operational expenses such as contractual services, telecommunications, and equipment.

• Appropriates $402,007,100 from the Education Assistance Fund for Monetary Award Program grants and $10,000,000 for military veterans' scholarships at state-controlled universities and public community colleges.

• Provides $20,705,000 from the General Revenue Fund for various scholarship programs including matching grants to institutions ($950,000), Illinois National Guard scholarships ($4,480,000), minority teacher scholarships ($3,000,000), and Illinois Incentive for Access grants ($8,200,000).

• Establishes multiple federal funding allocations totaling $375,377,500 for federal loan system operations, default aversion, and federal student assistance programs, with effective date of July 1, 2009.