93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5725


 
Introduced 2/6/2004, by Michael J. Madigan
 
SYNOPSIS AS INTRODUCED:
 		













110 ILCS 947/5









    Amends the Higher Education Student Assistance Act.  Makes a technical change
concerning the Act's purpose.
















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A BILL FOR









 











HB5725

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    AN ACT concerning financial assistance. 

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The Higher Education Student Assistance Act is 
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amended by
changing
Section 5 as follows:


 
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    (110 ILCS 947/5)

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    Sec. 5. Purpose.  The General Assembly finds and declares 
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that (1) the
provision of a higher education for all residents 
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of this State who desire a
higher education and are properly 
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qualified therefor is important to the
welfare and security of 
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this State and Nation and, consequently, is an
important public 
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purpose, and (2) many qualified students are deterred by

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financial considerations from completing their education, with 
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a consequent
irreparable loss to this
the State and Nation of 
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talents vital to
welfare and
security. The number of qualified 
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persons who desire a higher education is
increasing rapidly, 
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and the physical facilities, faculties, and staffs of
the 
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institutions of higher learning operated by, within and for the

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residents of the State will have to be
expanded greatly to 
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accommodate those persons, with an attendant sharp
increase in 
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the cost of educating them. A system of financial
assistance of 
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scholarships, grants, and loans for qualified
residents of 
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college age will enable them to attend qualified institutions

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of their choice in the State, public or private.  The adoption 
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of new federal
student loan legislation necessitates that the 
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State update and broaden its
system of financial student 
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assistance.


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    As market conditions permit, the Commission is 
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specifically encouraged to
offer reasonable and affordable 
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supplemental or alternative educational loans
to students who 
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seek to obtain these loans.  As part of these alternative or

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supplemental direct lending initiatives, the Commission may 
 


 






HB5725
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give priority
consideration to students assisted by the 
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Commission's need-based programs.


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(Source: P.A. 89-442, eff. 12-21-95.)