093_SB0343

 
                                     LRB093 07955 NHT 08147 b

 1        AN ACT concerning higher education.

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

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

 6        (110 ILCS 947/5)
 7        Sec. 5. Purpose. The General Assembly finds and  declares
 8    that  (1)  the  provision  of  a  higher  education  for  all
 9    residents of this State who desire a higher education and are
10    properly  qualified  therefor is important to the welfare and
11    security of this State and Nation and,  consequently,  is  an
12    important public purpose, and (2) many qualified students are
13    deterred  by  financial  considerations from completing their
14    education, with a consequent irreparable  loss  to  this  the
15    State  and  Nation  of talents vital to welfare and security.
16    The number of qualified persons who desire a higher education
17    is  increasing  rapidly,   and   the   physical   facilities,
18    faculties,  and staffs of the institutions of higher learning
19    operated by, within and for the residents of the  State  will
20    have  to  be  expanded  greatly to accommodate those persons,
21    with an attendant sharp increase in  the  cost  of  educating
22    them.  A  system  of  financial  assistance  of scholarships,
23    grants, and loans for qualified residents of college age will
24    enable them to attend qualified institutions of their  choice
25    in the State, public or private.  The adoption of new federal
26    student  loan  legislation necessitates that the State update
27    and broaden its system of financial student assistance.
28        As  market   conditions   permit,   the   Commission   is
29    specifically  encouraged  to  offer reasonable and affordable
30    supplemental or alternative educational loans to students who
31    seek to obtain these loans.  As part of these alternative  or
 
                            -2-      LRB093 07955 NHT 08147 b
 1    supplemental  direct  lending initiatives, the Commission may
 2    give priority  consideration  to  students  assisted  by  the
 3    Commission's need-based programs.
 4    (Source: P.A. 89-442, eff. 12-21-95.)