SB1897 - Tuition Reduction Act

• Creates the Tuition Reduction Act requiring each public university in Illinois to reimburse full-time resident undergraduate students a portion of tuition as grants applied directly to financial aid accounts, effective beginning with the 2017-2018 academic year.

• Calculates per-pupil grant amount by determining the difference between the current fiscal year's aggregate appropriations and fiscal year 2015's aggregate appropriations, dividing by the number of students enrolled in the previous academic year, then taking 50% of that amount.

• Universities are not required to award grants if current fiscal year appropriations equal or fall below fiscal year 2015 appropriation levels.

• Requires each university to annually report to the Governor and appropriate General Assembly committees by September 1st (beginning September 1, 2018) with updated estimates of total grant amounts awarded in the preceding academic year.

• Effective immediately upon becoming law.