SB2287 Summary

• Requires all Illinois public universities (University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, and Western Illinois University) to establish written policies governing mandatory student fees, including internal controls, individual fee assessments, and separate budgeting for each fee.

• Mandates universities document the purpose, rate criteria, projected revenue, and intended use of each mandatory student fee, and include all fee uses (including salaries) in public fee descriptions.

• Requires universities to implement accounting procedures to track mandatory student fee transactions and expenditures separately for each fee to promote transparency.

• Requires institutions of higher learning to provide prospective students with a financial aid shopping sheet as part of financial aid offers, showing total costs, grants and scholarships, net amount owed, loan eligibility, median borrowing amounts, loan default rates, and graduation rates.

• The Illinois Student Assistance Commission must develop a model shopping sheet format or institutions may use the most current format from the U.S. Department of Education or Consumer Financial Protection Bureau; effective July 1, 2020.