SB3897 Summary

• Appropriates $830,908,600 total to the Illinois Student Assistance Commission for fiscal year 2010-2011, consisting 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 the Student Loan Operating Fund for administrative expenses including personal services, employee benefits, contractual services, and equipment.

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

• Provides $12,285,000 from the General Revenue Fund for various scholarships including Illinois National Guard, Minority Teacher, Illinois Scholars, and college savings bond grants.

• Establishes appropriations from multiple federal and specialized funds for student loan programs, teacher scholarships, military veterans' scholarships, and loan repayment programs; effective date July 1, 2010.