IL SB2163

Appropriates $733,106,200 total for the Illinois Student Assistance Commission for fiscal year beginning July 1, 2017, comprised of $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.

Appropriates funds for various scholarship and grant programs including Golden Apple Scholars ($3,323,800), Minority Teacher Scholarships ($1,900,000), Veterans' Home Nurses' Loan Repayment Program ($25,000), and nurse educator loan repayment grants ($293,300).

Provides $47,553,700 from the Student Loan Operating Fund for agency administration covering personal services, retirement contributions, contractual services, and operational expenses.

Includes $260,000,000 in federal funds for loan guarantees, collection activities, default aversion fees, and treasury transfers related to federal student loan programs.

Takes effect July 1, 2017, contingent on Senate Bill 2063 (Unbalanced Budget Response Act) becoming law.