IL SB2401

Amends the Higher Education Student Assistance Act to limit eligibility for monetary award program grants to 4 academic years, except for non-traditional students as defined by the Commission.

For academic programs requiring more than 4 years to complete, allows assistance through the normal time needed to complete the program as determined by the institution.

Maintains existing eligibility requirements including Illinois residency, U.S. citizenship or permanent residency, and demonstrated financial need.

Establishes that for 2015-2016 and 2016-2017 academic years, the Commission shall give specific consideration to dislocated workers applying for assistance.

Preserves existing grant amount limits of up to $6,468 per academic year (as of fiscal year 2011) and applicability only to tuition and necessary fees.