Synopsis As Introduced Creates the Higher Education Scholarship Act. Allows scholarships to be awarded to entering freshman, sophomores, juniors, and seniors at community colleges, colleges, and universities, whether public or private, located in this State. Establishes Illinois residency requirements, minimum grade point average requirements, and other requirements that the student must meet to be eligible for a scholarship. Provides that the scholarship, subject to the amounts appropriated by the General Assembly, includes tuition and mandatory fees (in an amount not to exceed the maximum amount allowed to be awarded under the Monetary Award Program for a student at a private institution). Authorizes the Illinois Student Assistance Commission to promulgate rules relating to the scholarships. Effective July 1, 2004.