IL SB3874

Appropriates $851,262,500 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 the Student Loan Operating Fund for administrative expenses including personal services ($17,208,900), employee benefits and insurance ($11,067,400), contractual services ($12,630,700), and operational costs.

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

Allocates funds for various scholarship programs including military veterans' scholarships ($6,000,000), minority teacher scholarships ($2,500,000), Illinois National Guard and Naval Militia scholarships ($4,400,000), and Illinois Scholars scholarships ($3,040,000).

Appropriates $290,000,000 from the Federal Student Loan Fund for loan guarantees, collection payments, default aversion fees, and other federal loan distributions as provided under the Federal Higher Education Act; Act becomes effective July 1, 2012.