HB5514 Summary

• Creates the First-Year College Promise Fund as a special fund in the Illinois State treasury, funded through General Assembly appropriations

• Establishes a grant program administered by the Illinois Student Assistance Commission to award grants covering tuition and mandatory fees for 2 semesters to eligible low-income students

• Limits eligibility to Illinois residents with family income at or below federal poverty guidelines who enroll full-time in their first fall semester after high school graduation at a public university, community college, or other eligible public institution in Illinois

• Requires applicants to complete both the First-Year College Promise grant application and the Free Application for Federal Student Aid (FAFSA)

• Directs the Commission to develop selection criteria for grant awards by rule, with grants calculated as tuition and mandatory fees less all other student aid received