Illinois General Assembly - Bill Status for HB5311

Creates the Scholarship Displacement Act. Defines "cost of attendance", "expected family contribution", "financial need", "institutional financial aid", and "private scholarships". Provides that the Act applies on and after the 2022-2023 school year. Provides that a public institution of higher education may reduce a student's institutional financial aid as a result of the awarding of private scholarships to the student: if a student's total financial aid from all sources exceeds the student's financial need until the student's total financial aid no longer exceeds the student's financial need; if the institution receives approval from the organization that awarded the private scholarship that caused the reduction authorized by the provisions; and in order to comply with the individual or team financial aid restrictions of any athletic association, conference, or other group or organization with authority over intercollegiate athletics. Effective immediately.

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