HB5720 Summary

• Appropriates $891,388,700 total to the Illinois Student Assistance Commission for fiscal year beginning July 1, 2024, including $817,747,600 in General Funds, $20,680,000 in Other State Funds, and $52,961,100 in Federal Funds

• Allocates $446,566,200 from General Revenue Fund for Monetary Award Program grants to eligible students with administrative costs capped at 2 percent

• Funds multiple scholarship and grant programs including Golden Apple Scholars ($10,750,000), Minority Teacher Scholarships ($8,000,000), Social Worker Scholarships ($6,000,000), and nursing education initiatives ($4,000,000)

• Appropriates $50,000,000 for AIM HIGH program grants to eligible students through public universities and $38,741,100 from Student Loan Operating Fund for agency administrative expenses

• Takes effect July 1, 2024, and includes reappropriation of $1,500,000 in remaining unexpended funds from prior coronavirus relief appropriations for Golden Apple programs