HB6063 Summary

• Appropriates $851,262,500 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2012, consisting of $456,865,000 in General Funds, $25,520,000 in Other State Funds, and $368,877,500 in Federal Funds

• Allocates $44,477,500 from Student Loan Operating Fund for administrative expenses including personnel services, retirement contributions, contractual services, and equipment

• Appropriates $436,680,000 from General Revenue Fund for Monetary Award Program grant awards to eligible students

• Funds multiple scholarship and grant programs totaling approximately $60,000,000, including military veterans' scholarships ($6,000,000), teacher scholarships, minority teacher scholarships, and loan repayment programs

• Appropriates $290,000,000 from Federal Student Loan Fund for loan guarantees, collection payments, and distributions required under the Federal Higher Education Act