Bill Status of HB4156 95th General Assembly
Short Description: HIGH ED-INCNTV GRANT-ROLL OVR
Rep. Jack D. Franks, Constance A. Howard and Charles E. Jefferson
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Baccalaureate Savings Act. In a Section concerning the administration of a grant program, provides that no limit may be placed on the number of bonds that may be purchased under the program on an annual basis. Provides that while all grants awarded under the program are subject to annual appropriation of funds by the General Assembly, there shall be no expiration date placed on the grants and any person who is denied disbursement of a grant due to a lack of funding shall remain eligible for disbursement of that grant until such time as funding becomes available, provided that he or she properly applies for disbursement of the grant on an annual basis.
| ||Fiscal Note (Illinois Board of Higher Education)|
| ||The Bonus Incentive Grant Program would remain subject to appropriation under HB 4156. If program appropriations stayed level at $325,000 per year and claim rates remained steady, some eligible applicants would not receive bonus grants under the current BIG program rules because of the "two-year window" restriction. However, assuming the same conditions but removing the two-year window restriction (as proposed in HB 4156) would add approximately $2.9 million to the demand for the program, a cost that would be spread over several years. If funding remains level at $325,000 per year, then the last eligible applicants are likely to receive grants in FY 2028.|