IL SB3194

Creates an exception to the monetary award program's prohibition on grants after receiving a baccalaureate degree or 135 semester credit hours for academic years 2023-2024 through 2027-2028.

Allows eligible applicants to receive one additional year of grant assistance if they enroll in a state-approved educator preparation program and teach in Illinois for a minimum of 3 years within 5 years of receiving a Professional Educator License.

Requires repayment of additional grant assistance if the applicant fails to meet the teaching requirements, with repayment prorated according to the fraction of the teaching obligation not completed.

Amends the Higher Education Student Assistance Act (110 ILCS 947/35) regarding the monetary award program.

Takes effect immediately upon becoming law.