SB3539 Summary

• Adds new eligibility requirements for for-profit institutions participating in Illinois' Monetary Award Program (MAP) beginning with the 2020-2021 academic year: institutions cannot exceed a 15% national 3-year student loan cohort default rate as published by the U.S. Department of Education.

• Requires for-profit institutions to maintain an 80% student success rate beginning with the 2021-2022 academic year, where "student success rate" means the percentage of students who complete their program or have subsequent enrollment within 4.5 years of entry.

• Places institutions failing to meet eligibility requirements on probationary status requiring them to notify current and prospective students of possible loss of grant eligibility.

• Eliminates MAP grant eligibility for students at for-profit institutions that fail to meet requirements for 2 consecutive academic years; eligibility can only be restored after the institution meets requirements for at least 2 consecutive academic years.

• Takes effect immediately upon becoming law.