IL SB3634

Appropriates $720,230,400 total to the Illinois Student Assistance Commission for fiscal year 2015, comprised of $336,424,600 in General Funds, $10,620,000 in Other State Funds, and $373,185,800 in Federal Funds.

Allocates $322,851,900 from General Revenue Fund for Monetary Award Program grants to eligible students with administrative costs capped at 2 percent.

Provides funding for scholarship and grant programs including $5,071,400 for Golden Apple Scholars, $2,749,100 for Minority Teacher Scholarships and children of fallen public safety officers, and $572,200 for Loan Repayment for Teachers Program.

Appropriates $48,785,800 from Student Loan Operating Fund for administration, personnel services, retirement contributions, contractual services, and operational expenses.

Takes effect July 1, 2014.