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Synopsis As Introduced Amends the Higher Education Student Assistance Act. With respect to the Monetary Award Program, provides that the Illinois Student Assistance Commission shall base an independent student's financial resources on an adjusted estimated family contribution amount, which amount shall equal one-half of the student's estimated family contribution. Effective July 1, 2007.
For FY08, the cost of favoring independent students in this way is estimated to be $15 million. Without additional funding, which may or may not be included in the Governor's recommended FY08 State Budget for ISAC, making this change would result in application processing dates being moved up three weeks (denying about 6,000 students financial aid) or reducing all MAP awards by 4.0 percent, decreasing award amounts by up to $200 per student.
For FY08, the cost of favoring independent students in this way is estimated to be $15 million. Without additional funding, which may or may not be included in the Governor's recommended FY08 State Budget for ISAC, making this change would result in application processing dates being moved up three weeks (denying about 6,000 students financial aid) or reducing all MAP awards by 4.0 percent, decreasing award amounts by up to $200 per student.
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