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IL HB5388
Bill
Status
2/14/2020
Primary Sponsor
Norine Hammond
Click for details
AI Summary
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Contributions to the Illinois College Savings Pool (529 plans) and Illinois Prepaid Tuition Program cannot be considered when evaluating a beneficiary's financial situation for state financial aid purposes, effective July 1, 2020
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The Illinois Student Assistance Commission is prohibited from counting these college savings contributions as a financial resource or form of financial aid when determining eligibility for scholarships, grants, or monetary assistance
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College savings contributions cannot reduce the amount of any scholarship, grant, or monetary assistance a beneficiary is eligible to receive from the Illinois Student Assistance Commission
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The protections apply only to designated beneficiaries who are Illinois state residents
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Amends both the State Treasurer Act and the Illinois Prepaid Tuition Act, with an effective date of June 1, 2020
Legislative Description
HIGHER ED-COLLEGE SAVINGS
Last Action
Rule 19(b) / Re-referred to Rules Committee
6/23/2020