Sec. 39. Monetary Award Program Plus.

397 words·~2 min read·/il/chapter-110/act-947/39

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(a)The Commission shall receive and consider applications for monetary grant assistance under this Section to benefit those students who will not receive Monetary Award Program grants awarded in accordance with Section 35 of this Act, but who will benefit from assistance in paying for the costs of attendance at institutions of higher learning. Subject to a separate appropriation for this purpose and sufficient revenue from the sale of student loan assets, transaction processing, or refinancing, an applicant is eligible for a Monetary Award Program Plus grant under this Section if the Commission finds that the applicant meets all of the following qualifications:

(1)He or she is a resident of this State and a citizen or permanent resident of the

United States.

(2)He or she is enrolled at least half-time as a sophomore, junior, or senior at a

MAP-eligible institution, as defined under the Monetary Award Program.

(3)He or she will not receive in the same academic year a Monetary Award Program grant

under Section 35 of this Act.

(4)He or she is from a family that had an adjusted gross income, listed on the Free

Application for Federal Student Aid, of less than $200,000 for the 2005 taxable year.

(b)All grants under this Section are applicable only to tuition and mandatory fee costs. The Commission shall determine the grant amount for each student, which amount must not exceed $500 per year or $250 per semester and must not exceed tuition and mandatory fees net of State and federal financial aid.

(c)Grants under this Section may be awarded only for the Fall 2006 and Spring 2007 semesters.

(d)The Commission shall pay Monetary Award Program Plus grant awards to eligible students by application date, on a first-come, first-served basis.

(e)The Commission, in determining the number of Monetary Award Program Plus grants to be awarded, shall utilize whatever appropriate data is available and shall notify applicants that grant assistance is contingent upon the availability of appropriated funds.

(f)The Commission shall determine if sufficient funds are available from the sale of student loan assets, transaction processing, or refinancing to continue Monetary Award Program Plus beyond the Spring 2007 semester and shall prepare a report for the Governor and General Assembly indicating whether funding is available and how it can be used to support the program.