Illinois Senate Bill 3242 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2010 - 25% progression, died in committee
Action: 2010-03-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the State Finance Act to create the Higher Education Revolving Loan Fund as a special fund in the State treasury. Provides that all repayments of loans under the amendatory provisions shall be deposited into the Fund. Provides that all money in the Fund shall be used, subject to appropriation, by the Commission for making loans under the amendatory provisions. Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission, subject to appropriation, to implement and administer a higher education revolving loan program to provide loans to eligible students for the costs of attending an institution of higher learning in this State. Provides that the loans must be offered at a low interest rate to be determined by the Commission. Provides that an individual may not receive loans in excess of $5,000 or the student's tuition and mandatory fees, whichever is less, per academic year. Provides that loan funds must be paid directly to the institution of higher learning. Provides that the repayment period for a loan may not exceed 15 years. Contains other provisions concerning repayment.

HIGHER ED-REVOLVING LOAN PRGM

Sen. Martin Sandoval [D]

Date	Chamber	Action
2010-03-08		Rule 3-9(a) / Re-referred to Assignments
2010-02-24		Assigned to Higher Education
2010-02-09		Referred to Assignments
2010-02-09		First Reading
2010-02-09		Filed with Secretary by Sen. Martin A. Sandoval

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3242&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB3242.htm