SB3118 - Tuition Reduction Act

• Creates the Tuition Reduction Act, effective immediately, requiring public universities in Illinois to award tuition reduction grants to full-time resident undergraduate students beginning with the 2016-2017 academic year.

• Grants are calculated by comparing the current fiscal year's aggregate appropriations to the previous fiscal year's appropriations, dividing the difference by the number of students enrolled in the previous year, then awarding 50% of that amount per student.

• Universities are not required to award grants in any year where current fiscal year appropriations are equal to or less than the previous fiscal year's appropriations.

• Each university must report annually by September 1st to the Governor and appropriate legislative committees with updated estimates of total grants awarded in each academic year.