HB3253 Summary

• Beginning July 1, 2019, contributions to the College Savings Pool and Illinois prepaid tuition contracts for State resident beneficiaries cannot be considered as financial resources when determining eligibility for scholarships, grants, or monetary assistance from the Illinois Student Assistance Commission.

• Contributions to these savings programs cannot reduce the amount of any scholarship, grant, or monetary assistance that a State resident beneficiary is eligible to receive from the Commission.

• Amends the State Treasurer Act and Illinois Prepaid Tuition Act to establish protections for families saving for education expenses through State-sponsored college savings vehicles.

• Effective June 1, 2019.