HB3927 Summary

• Appropriates $733,106,200 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2017, comprising $412,772,500 in General Funds, $10,580,000 in Other State Funds, and $309,753,700 in Federal Funds.

• Allocates $401,341,900 from the General Revenue Fund for Monetary Award Program grants to eligible students with administrative costs capped at 2 percent of the appropriation.

• Provides $47,553,700 from the Student Loan Operating Fund for administration expenses including personal services ($15,538,600), state employee retirement contributions ($8,392,900), contractual services ($12,630,700), and telecommunications ($1,897,900).

• Appropriates federal funds ($230,000,000 from Federal Student Loan Fund and $15,000,000 from Federal Student Incentive Trust Fund) for loan guarantees, collections, default aversion, and college access and outreach programs.

• Funds various scholarship programs including $3,323,800 for Golden Apple Scholars, $496,400 for Teacher Loan Repayment, and grants for nurses, minority teachers, and military personnel.

• Takes effect July 1, 2017, contingent upon enactment of Senate Bill 2063 (Unbalanced Budget Response Act).