| Date | Chamber | Action |
| 1/8/2019 | House | Session Sine Die |
| 115 ILCS 5/15 | from Ch. 48, par. 1715 |
| Deletes reference to: | ||
| 115 ILCS 5/15 | ||
| Adds reference to: | ||
| 30 ILCS 105/5.878 new | ||
| 30 ILCS 105/5.879 new |
| 30 ILCS 105/5.880 new |
| 30 ILCS 105/5.881 new |
| 110 ILCS 205/9.36 new |
| 110 ILCS 947/23 new |
| Fiscal Note (Illinois Student Assistance Commission) | |
| This fiscal note discusses the three programs that would be administered by ISAC: (1) COLLEGE AFFORDABILITY GRANT: An estimated 100,000 students would immediately qualify for the College Affordability Grant program. If MAP and Pell grant funding is held constant, approximately $300 million would be required to fully fund the new program in the first year (FY19}. This cost would be expected to grow in subsequent years as additional students qualified for the grant; based on the current capacity of public institutions, these costs could rise to $400 million annually; (2) Given the terms of the grant and their potential to convert to loans, the program could entail substantial start-up and on-going operational costs. ISAC preliminarily estimates that if the grant/loan program itself were fully funded, additional operational costs could total over $10 million annually, particularly because the program requires tracking recipients from the time the grant is made until at least two years after graduation. In the case of recipients who enter repayment, the agency would be required to collect from them for at least a decade and longer in some cases, since some recipients will be unable to pay back the grants over 10 years; (3) WORK-STUDY: Each participant in the work-study program would be permitted to work 5-15 hours/week, or 150-450 hours in the average academic year. At the Illinois minimum wage of $8.25 an hour, each recipient would need to be allocated a minimum of $1,237.50 - $3,712.50 annually. To double current work-study opportunities (the intent described by one bill sponsor} about 11,000 work study recipients would be served at a cost of about $18.1million annually; (4) PRIVATE STUDENT LOAN PURCHASING: Appropriators could allocate any amount to this program; ISAC estimates that Illinois public university graduates from the last ten years with GPAs at or above 3.0 may hold approximately $500 million in private loan debt. The fiscal impact of this program would include both the amount needed to purchase the loans and the start-up and on-going operational costs to administer the new loan program. Even a relatively small pilot program would have to be run for more than 10 years. If $50 million in outstanding private loans were to be purchased, ISAC estimates additional funding needs of approximately $780,000 in the first year and a total of about $6 million over the 10-year life of the new loans to cover program costs. Those include the one-time cost of originating the new loans, plus the on-going costs of servicing, reporting, monitoring, collection of delinquent loans, etc. In addition, some portion of the loans that become delinquent will ultimately be written off as uncollectible. |
| Fiscal Note, House Floor Amendment No. 1 (Illinois Student Assistance Commission) | |
| This fiscal note discusses the three programs that would be administered by ISAC: (1) COLLEGE AFFORDABILITY GRANT: An estimated 100,000 students would immediately qualify for the College Affordability Grant program. If MAP and Pell grant funding is held constant, approximately $300 million would be required to fully fund the new program in the first year (FY19}. This cost would be expected to grow in subsequent years as additional students qualified for the grant; based on the current capacity of public institutions, these costs could rise to $400 million annually; (2) Given the terms of the grant and their potential to convert to loans, the program could entail substantial start-up and on-going operational costs. ISAC preliminarily estimates that if the grant/loan program itself were fully funded, additional operational costs could total over $10 million annually, particularly because the program requires tracking recipients from the time the grant is made until at least two years after graduation. In the case of recipients who enter repayment, the agency would be required to collect from them for at least a decade and longer in some cases, since some recipients will be unable to pay back the grants over 10 years; (3) WORK-STUDY: Each participant in the work-study program would be permitted to work 5-15 hours/week, or 150-450 hours in the average academic year. At the Illinois minimum wage of $8.25 an hour, each recipient would need to be allocated a minimum of $1,237.50 - $3,712.50 annually. To double current work-study opportunities (the intent described by one bill sponsor} about 11,000 work study recipients would be served at a cost of about $18.1 million annually; (4) PRIVATE STUDENT LOAN PURCHASING: Appropriators could allocate any amount to this program; ISAC estimates that Illinois public university graduates from the last ten years with GPAs at or above 3.0 may hold approximately $500 million in private loan debt. The fiscal impact of this program would include both the amount needed to purchase the loans and the start-up and on-going operational costs to administer the new loan program. Even a relatively small pilot program would have to be run for more than 10 years. If $50 million in outstanding private loans were to be purchased, ISAC estimates additional funding needs of approximately $780,000 in the first year and a total of about $6 million over the 10-year life of the new loans to cover program costs. Those include the one-time cost of originating the new loans, plus the on-going costs of servicing, reporting, monitoring, collection of delinquent loans, etc. In addition, some portion of the loans that become delinquent will ultimately be written off as uncollectible. |
| Date | Chamber | Action | 1/31/2017 | House | Filed with the Clerk by Rep. Michael J. Madigan | 1/31/2017 | House | First Reading | 1/31/2017 | House | Referred to Rules Committee | 3/22/2017 | House | Assigned to Executive Committee | 3/29/2017 | House | Do Pass / Short Debate Executive Committee; 011-000-000 | 3/29/2017 | House | Placed on Calendar 2nd Reading - Short Debate ** | 4/26/2017 | House | Second Reading - Short Debate | 4/26/2017 | House | Held on Calendar Order of Second Reading - Short Debate ** | 4/28/2017 | House | Rule 19(a) / Re-referred to Rules Committee | 5/15/2017 | House | Chief Sponsor Changed to Rep. Lou Lang | 5/15/2017 | House | Added Chief Co-Sponsor Rep. Christian L. Mitchell | 5/15/2017 | House | Added Chief Co-Sponsor Rep. Will Guzzardi | 5/15/2017 | House | Approved for Consideration Rules Committee; 003-000-000 | 5/15/2017 | House | Placed on Calendar 2nd Reading - Short Debate | 5/15/2017 | House | Final Action Deadline Extended-9(b) May 26, 2017 | 5/22/2017 | House | Added Chief Co-Sponsor Rep. Emanuel Chris Welch | 5/23/2017 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Lou Lang | 5/23/2017 | House | House Floor Amendment No. 1 Referred to Rules Committee | 5/23/2017 | House | House Floor Amendment No. 1 Rules Refers to Higher Education Committee | 5/24/2017 | House | Added Co-Sponsor Rep. Sara Feigenholtz | 5/25/2017 | House | House Floor Amendment No. 1 Recommends Be Adopted Higher Education Committee; 011-007-000 | 5/25/2017 | House | Added Co-Sponsor Rep. Linda Chapa LaVia | 5/25/2017 | House | Added Co-Sponsor Rep. Mary E. Flowers | 5/25/2017 | House | House Floor Amendment No. 1 Fiscal Note Requested as Amended by Rep. Norine K. Hammond | 5/25/2017 | House | Added Co-Sponsor Rep. LaToya Greenwood | 5/26/2017 | House | Final Action Deadline Extended-9(b) May 31, 2017 | 5/26/2017 | House | Added Co-Sponsor Rep. Anna Moeller | 5/26/2017 | House | Added Co-Sponsor Rep. Kathleen Willis | 5/26/2017 | House | Fiscal Note Filed | 5/28/2017 | House | House Floor Amendment No. 1 Fiscal Note Filed as Amended | 5/29/2017 | House | Second Reading - Short Debate | 5/29/2017 | House | House Floor Amendment No. 1 Adopted | 5/29/2017 | House | Placed on Calendar Order of 3rd Reading - Short Debate | 5/29/2017 | House | Third Reading - Short Debate - Passed 065-050-000 | 5/29/2017 | House | Verified | 5/29/2017 | House | Added Co-Sponsor Rep. Cynthia Soto | 5/29/2017 | House | Added Co-Sponsor Rep. Rita Mayfield | 5/29/2017 | House | Added Co-Sponsor Rep. Thaddeus Jones | 5/29/2017 | House | Added Co-Sponsor Rep. Brian W. Stewart | 5/29/2017 | House | Added Co-Sponsor Rep. Natalie A. Manley | 5/29/2017 | House | Added Co-Sponsor Rep. Melissa Conyears-Ervin | 5/29/2017 | House | Added Co-Sponsor Rep. Robyn Gabel | 5/29/2017 | House | Added Co-Sponsor Rep. Laura Fine | 5/29/2017 | House | Added Co-Sponsor Rep. Elgie R. Sims, Jr. | 5/29/2017 | House | Added Co-Sponsor Rep. Carol Ammons | 5/29/2017 | House | Added Co-Sponsor Rep. Litesa E. Wallace | 5/30/2017 | Senate | Arrive in Senate | 5/30/2017 | Senate | Placed on Calendar Order of First Reading | 5/30/2017 | Senate | Chief Senate Sponsor Sen. John J. Cullerton | 5/30/2017 | Senate | First Reading | 5/30/2017 | Senate | Referred to Assignments | 5/30/2017 | Senate | Alternate Chief Sponsor Changed to Sen. Pat McGuire | 1/8/2019 | House | Session Sine Die |
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