IL SB3306

Establishes eligibility criteria for Monetary Award Program (MAP) grants requiring applicants to be Illinois residents and U.S. citizens or permanent residents who would be deterred by financial need from attending college.

Sets 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 the smallest of three specified limits.

Limits grant eligibility to students who have not received a baccalaureate degree and have not exceeded 135 semester credit hours of award payments.

Requires the Commission to give additional consideration to dislocated workers for the 2015-2016 and 2016-2017 academic years, allowing them to apply after the general application period but before the academic year begins.

Establishes a Monetary Award Program Reserve Fund capped at 2% of annual state appropriations to help assure student eligibility notification before the academic year commences.