Bill Title: Amends the State Finance Act to create the Higher Education Revolving Loan Fund as a special fund in the State treasury. Provides that all repayments of loans under the amendatory provisions shall be deposited into the Fund. Provides that all money in the Fund shall be used, subject to appropriation, by the Commission for making loans under the amendatory provisions. Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission, subject to appropriation, to implement and administer a higher education revolving loan program to provide loans to eligible students for the costs of attending an institution of higher learning in this State. Provides that the loans must be offered at a low interest rate to be determined by the Commission. Provides that an individual may not receive loans in excess of $5,000 or the student's tuition and mandatory fees, whichever is less, per academic year. Provides that loan funds must be paid directly to the institution of higher learning. Provides that the repayment period for a loan may not exceed 15 years. Contains other provisions concerning repayment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-03-08 - Rule 3-9(a) / Re-referred to Assignments [SB3242 Detail]

Text: Latest bill text (Introduced) [HTML]

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