SB2225 Enrolled

LRB094 15510 NHT 50709 b






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    AN ACT concerning education.

 
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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 adding Section 39 as follows:
 
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    (110 ILCS 947/39  new)
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    Sec. 39. Monetary Award Program Plus.
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    (a) The Commission shall receive and consider applications 
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for monetary grant assistance under this Section to benefit 
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those students who will not receive Monetary Award Program 
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grants awarded in accordance with Section 35 of this Act, but 
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who will benefit from assistance in paying for the costs of 
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attendance at institutions of higher learning. Subject to a 
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separate appropriation for this purpose and sufficient revenue 
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from the sale of student loan assets, transaction processing, 
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or refinancing, an applicant is eligible for a Monetary Award 
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Program Plus grant under this Section if the Commission finds 
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that the applicant meets all of the following qualifications:
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        (1) He or she is a resident of this State and a citizen 
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    or permanent resident of the United States.
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        (2) He or she is enrolled at least half-time as a 
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    sophomore, junior, or senior at a MAP-eligible 
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    institution, as defined under the Monetary Award Program.
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        (3) He or she will not receive in the same academic 
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    year a Monetary Award Program grant under Section 35 of 
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    this Act.
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        (4) He or she is from a family that had an adjusted 
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    gross income, listed on the Free Application for Federal 
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    Student Aid, of less than $200,000 for the 2005 taxable 
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    year.
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    (b)  All grants under this Section are applicable only to 
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tuition and mandatory fee costs.  The Commission shall determine 
 


 






SB2225 Enrolled
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LRB094 15510 NHT 50709 b




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the grant amount for each student, which amount must not exceed 
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$500 per year or $250 per semester and must not exceed tuition 
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and mandatory fees net of State and federal financial aid.
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    (c)    Grants under this Section may be awarded only for the 
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Fall 2006 and Spring 2007 semesters.
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    (d) The Commission shall pay Monetary Award Program Plus 
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grant awards to eligible students by application date, on a 
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first-come, first-served basis.
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    (e) The Commission, in determining the number of Monetary 
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Award Program Plus grants to be awarded, shall utilize whatever 
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appropriate data is available and shall notify applicants that 
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grant assistance is contingent upon the availability of 
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appropriated funds.
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    (f)  The Commission shall determine if sufficient funds are 
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available from the sale of student loan assets, transaction 
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processing, or refinancing to continue Monetary Award Program 
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Plus beyond the Spring 2007 semester and shall prepare a report 
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for the Governor and General Assembly indicating whether 
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funding is available and how it can be used to support the 
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program.

 

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    Section 99. Effective date. This Act takes effect July 1, 
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2006.