IL HB3653

Creates the Underserved Population Loan Program, an interest-free loan program administered by the Illinois Student Assistance Commission to help qualified students pursue baccalaureate degrees at public universities in Illinois.

Establishes eligibility requirements including U.S. citizenship or eligible noncitizen status, Illinois residency, full-time enrollment as a freshman, and demonstrated insufficient funds verified through Free Application for Federal Student Aid documentation.

Requires program participants to sign agreements pledging to remain Illinois residents, maintain full-time enrollment, sustain a minimum 2.0 cumulative grade point average, complete degree within 5 academic years, and annually provide updated FAFSA documentation.

Provides interest-free loans each semester covering educational expenses including tuition, fees, room and board, and books, with repayment beginning one year after leaving the program on a 10-year schedule.

Creates the Underserved Population Loan Program Fund as a special state treasury fund to support program implementation and administration, with loan repayments deposited back into the fund; effective immediately upon enactment.