HB6024 Summary

• Appropriates $2,300,000 from the General Revenue Fund to the Illinois Student Assistance Commission for outreach, research, and training activities.

• Appropriates $2,440,000 from the General Revenue Fund for operational expenses during fiscal year ending June 30, 2015.

• Appropriates $424,748,100 from the General Revenue Fund for Monetary Award Program grants to eligible students, with administrative costs not exceeding 2% of the total appropriation.

• Appropriates $48,785,800 from the Student Loan Operating Fund for administration expenses including personal services, retirement contributions, contractual services, and telecommunications.

• Makes various appropriations totaling over $900 million from multiple funds for student financial aid programs, federal loan management, teacher scholarships, and nurse educator loans.

• Takes effect July 1, 2014.