Synopsis As Introduced Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to implement and administer a program to award College Promise grants to Illinois residents seeking an associate degree from a public community college or a bachelor's degree from a public university. Provides that a College Promise grant shall be equal to the cost of tuition and mandatory fees at the public institution attended less all other student aid, subject to appropriation from the College Promise Fund; defines "student aid". Sets forth the terms and conditions of the program. Amends the State Finance Act to create the College Promise Fund as a special fund in the State treasury. Effective immediately.