IL HB3438

Appropriates $766,343,000 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2013, consisting of $383,679,400 in General Funds, $10,600,000 in Other State Funds, and $372,064,000 in Federal Funds.

Allocates $47,664,000 from Student Loan Operating Fund for administration expenses including personal services ($17,208,900), employee retirement and insurance contributions ($14,253,900), and contractual services ($12,630,700).

Appropriates $290,000,000 from Federal Student Loan Fund for loan guarantees, collection payments, default aversion fees, and treasury transfers related to federal higher education programs.

Dedicates $371,309,400 from General Revenue Fund for Monetary Award Program grants to eligible students, with administrative costs limited to 2% of appropriation.

Provides funding for multiple grant and scholarship programs including Minority Teacher Scholarships ($2,500,000), Golden Apple Scholars ($4,900,000), Illinois Scholars Scholarships ($40,000), and scholarships for families of fallen police/fire/correctional officers ($1,100,000).