IL SB2454

Appropriates $766,343,000 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2013, comprised 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 the Student Loan Operating Fund for administration expenses including personal services ($17,208,900), retirement contributions ($6,937,300), group insurance ($6,000,000), and contractual services ($12,630,700)

Appropriates $290,000,000 from the Federal Student Loan Fund for loan guarantees, collection payments, default aversion fees, and treasury transfers under the Federal Higher Education Act

Provides $371,309,400 from the General Revenue Fund for the Monetary Award Program grants to eligible students with administrative costs capped at two percent

Establishes funding for multiple scholarship and grant programs including Minority Teacher Scholarships ($2,500,000), Golden Apple Scholars ($4,900,000), Illinois Scholars ($40,000), and Illinois National Guard scholarships ($20,000)