Sec. 3.09. Education Loan.

350 words·~2 min read·/il/chapter-110/act-945/3-09

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Sec. 3.09. Education Loan. "Education Loan" means a loan which is made by an institution of higher education or education loan corporation to a student or parents of a student, or both, in amounts not in excess of the maximum amounts specified in this Section to finance the student's attendance at an institution of higher education. The maximum loan amount shall not exceed

(a)in the case of a borrower who is a student, the student's cost of attendance for the period of time for which the loan is made minus the following amounts applicable to such period of time:

(1)the amount of grant which the student receives under the federal Pell Grant program authorized under Title IV, part A, of the "Higher Education Act of 1965", as now or hereafter amended, whether or not the student has made application for such grant;

(2)the maximum net guaranteed student loan proceeds which the student receives pursuant to Title IV, part B, of the "Higher Education Act of 1965", as now or hereafter amended, whether or not the student has made application for such loan;

(3)the amount of scholarships, grants or other nonrepayable assistance received from government agencies, educational institutions or private institutions or organizations;

(4)the expected family contribution computed pursuant to Section 482 of the "Higher Education Act of 1965", as now or hereafter amended; and

(5)an amount equal to the "self-help" component of the needs analysis formula used by the Illinois State Scholarship Commission to determine student eligibility for the grant program it administers under Sections 30-15 through 30-15.7a of the "Higher Education Student Assistance Law".

(1)In the case of a borrower who is a parent of an eligible student, the student's cost of attendance minus:

(i)the amounts determined pursuant to subparagraphs 1, 2, and 3 of subsection

(a)of this Section; and

(ii)the amount of loan which the student receives pursuant to subsection

(a)of this Section.

(2)The combined maximum loan amount of both parents shall not exceed the maximum amount as determined under subsection

(b)of this Section.