Synopsis As Introduced Creates the Graduate and Retain Our Workforce Act. Establishes the GROW Illinois Program, in which public institutions of higher education award incentive loans to applicants. Provides that, subject to appropriation, the Illinois Student Assistance Commission may, each year, administer applications for assistance under the GROW Illinois Program. Sets forth qualifications for recipients, degrees, and jobs. Provides for loan repayment and rulemaking. Amends the State Finance Act to create the Graduate and Retain Our Workforce (GROW) Illinois Fund as a special fund in the State treasury.
Replaces everything after the enacting clause. Amends the Higher Education Student Assistance Act. Provides that, subject to appropriation, and no sooner than the 2024-2025 academic year, there is established the Illinois Graduate and Retain Our Workforce (iGROW) Scholarship Program to recruit and train individuals to work in technology jobs that have a high demand for new employees and offer high wages by awarding scholarships. Sets forth provisions concerning who can receive a scholarship, the amount awarded, application procedure, repayment, rulemaking, and other related provisions. Amends the State Finance Act to create the Illinois Graduate and Retain Our Workforce (iGROW) Fund as a special fund in the State treasury.
Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the contents of the engrossed bill with the following changes. Changes references from "iGROW scholarship" to "iGROW tech scholarship". Makes changes concerning definitions, the scholarship amount awarded, the signed agreement, repayment, and increasing program awareness. Provides that after the first academic year that the scholarship program operates, the Illinois Student Assistance Commission shall prioritize the applications of those applicants who received a scholarship during the prior academic year and who remain eligible for a scholarship. Corrects typographical errors. Effective January 1, 2024.