HB2734 Summary

• Appropriates $797,899,200 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2021, consisting of $552,865,500 in General Funds, $10,580,000 in Other State Funds, and $234,453,700 in Federal Funds.

• Allocates $479,566,200 from General Revenue Fund for Monetary Award Program grants to eligible students with up to 2 percent for administrative costs.

• Provides $35,000,000 for AIM HIGH pilot program grants through eligible public universities and $20,000,000 for Illinois Prepaid Tuition Trust Fund.

• Funds multiple scholarship and loan repayment programs including Golden Apple Scholars ($7,248,000), Minority Teacher Scholarships ($1,900,000), and specialized programs for nurses, veterans, exonerated persons, and law enforcement families.

• Appropriates $47,553,700 from Student Loan Operating Fund for administration expenses including personnel, retirement contributions, contractual services, and equipment, plus $2,500,000 for Federal Loan System development.