SB 3539

  • Illinois Senate Bill
  • 101st Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Monetary Award Program

Abstract

Amends the Higher Education Student Assistance Act. With regard to the Monetary Award Program, provides that, in addition to other eligibility requirements for applicants of the grant program enrolled at a qualified for-profit institution, the following shall apply to the qualified for-profit institution in which the applicant is enrolled: (i) beginning with the 2020-2021 academic year, a qualified for-profit institution may not exceed a 15% national 3-year student loan cohort default rate, as published by the U.S. Department of Education, and (ii) beginning with the 2021-2022 academic year, a qualified for-profit institution must maintain an 80% student success rate; defines "student success rate". Provides that a for-profit institution's failure to meet those eligibility requirements shall result in a probationary academic year during which the institution is required to notify all current and prospective students eligible for Monetary Award Program grants of the student's possibility of losing that eligibility. Provides that if the institution fails to meet the for-profit institution eligibility requirements for 2 consecutive academic years, an applicant enrolled at the institution must lose Monetary Award Program grant eligibility and for a student to regain Monetary Award Program grant eligibility at that institution, the institution must meet the for-profit institution eligibility requirements for at least 2 consecutive academic years. Effective immediately.

Bill Sponsors (1)

Chapin Rose

  • Republican
  • upper
  • 51
Primary

Votes


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Actions


Feb 25, 2020

Senate

Assigned to Higher Education

Feb 14, 2020

Senate

Filed with Secretary by Sen. Chapin Rose

Senate

First Reading

Senate

Referred to Assignments

Bill Text

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