SB3948 Summary

• Appropriates $851,429,200 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2020, consisting of $576,395,500 in General Funds, $10,580,000 in Other State Funds, and $264,453,700 in Federal Funds.

• Allocates $426,140,600 from General Revenue Fund for Monetary Award Program grants to students at four-year institutions and $75,201,300 for grants to students at two-year institutions, each with administrative costs capped at 2 percent.

• Provides $35,000,000 for the AIM HIGH pilot program grants through eligible public universities.

• Appropriates $47,553,700 from the Student Loan Operating Fund for administration including personnel services, retirement contributions, insurance, contractual services, and related operational expenses.

• Takes effect July 1, 2020, and includes appropriations for specialized programs including teacher scholarships, nurse loan repayment, exoneree grants, and federal loan guarantee activities.