SB1565 Summary

• Establishes Illinois Grant Program requiring the Illinois Student Assistance Commission to award grants to students in financial need enrolled for at least 15 credit hours in higher education institutions beginning with the 2015-2016 academic year.

• Sets grant funding equal to total amount appropriated for higher education from General Revenue Fund in fiscal year 2015, with no other higher education appropriations from General Revenue Fund permitted beginning in fiscal year 2016.

• Calculates individual grant amounts by dividing total appropriated funds by number of qualified applicants, ensuring equal distribution among all eligible students.

• Requires grant recipients to sign repayment agreements: graduates within 4 years must repay 50% of total grants received; non-graduates must repay 100% of grants received; grants are forgiven at one-eighth of remaining balance per year for recipients residing in Illinois after graduation.

• Establishes eligibility requirements including U.S. citizenship or eligible noncitizen status, Illinois residency, Selective Service compliance for males, no prior incarceration, satisfactory academic progress, and no defaulted educational loans or outstanding grant refunds.