HB3947 Summary

• Creates the Smarter Illinois and Retaining Talent Tuition Program, a 5-year pilot program where the state pays tuition for STEM students in exchange for future income-based repayment obligations.

• Selects 100 community college and 100 public university students majoring in science, technology, engineering, or mathematics; limited to Illinois residents with household adjusted gross income below $250,000.

• Grants cover weighted average tuition costs up to 3 years for community college students or 5 years for university students, with participants maintaining a minimum 2.5 GPA to remain eligible.

• Participants repay 2% of adjusted gross income annually if they attended community college or 4% if they attended a public university, beginning when employment income exceeds federal poverty guidelines, for 5-25 years depending on years of grant receipt.

• Requires annual reporting to the Governor, General Assembly, and a Financial Aid Restructuring Committee on program enrollment, graduation rates, employment outcomes, and repayment performance; committee makes recommendations on long-term viability within 6 months of each report.