HB4463 Summary

• Requires Illinois qualified institutions participating in the Monetary Award Program to adopt academic standards for grant recipients that are at least as strict as those applied to non-grant students, with institutions submitting annual policies to the Commission.

• Modifies renewal eligibility for Monetary Award Program grants to require students remain in good standing in accordance with institution academic policies adopted under the new standards.

• Establishes maximum grant amounts at $5,468 for fiscal year 2009, $5,968 for fiscal year 2010, and $6,468 for fiscal year 2011 and thereafter, subject to appropriation and available funds.

• Adds requirement for institutions to immediately report to the Commission and law enforcement any credible information indicating that Commission-awarded funds were falsely or fraudulently acquired.