Synopsis As Introduced Creates the Pay It Forward, Pay It Back Act. Establishes a program to provide loans to eligible students to attend an institution of higher learning in this State that are to be repaid, in part, according to the income of the student borrowers. Sets forth the Pay It Forward, Pay It Back Program Fund where moneys in the fund shall be kept for the sole purpose of awarding program loans under the Act. Provides that the Department of Revenue shall administer the program and by rule develop the loan application process. Sets forth provisions governing loan repayment. Requires the Department to submit an annual report to the General Assembly. Amends the State Finance Act to create the Pay It Forward, Pay It Back Program Fund. Effective immediately.
Replaces everything after the enacting clause. Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to undertake a study to determine the practical and fiscal impacts of adopting a program in Illinois similar to Pennsylvania's Pay It Forward Pay It Back program. Provides that the study shall focus on the particular intricacies, details, and mechanics of funding, with specific regard to the proposal contained in the language of House Bill 5323 as introduced. Provides that the Commission shall conduct a survey of similar programs within the 50 states, with specific regard to funding and programmatic practicality and feasibility. Requires the Commission to prepare a report based on the results of the study and submit its report to the General Assembly on or before December 1, 2014. Adds repealer reference. Effective immediately.