HB2898: HIGHER ED-MONETARY AWARD PROG

Legislative Summary

Amends the Private College Act. Provides that, if a for-profit, post-secondary educational institution that received monetary award program funds at a time the institution was found to have been using an unfair, misleading, or deceptive practice and if the educational institution is required to reimburse students for loans taken to pay for the students' education in accordance with a final judgment against the institution issued by a court of competent jurisdiction, based on acts occurring at least 6 months after the effective date of the amendatory Act, then any monetary award program funds paid to that institution for students who attended the institution during the period of judgment or determination must be refunded to the Illinois Student Assistance Commission. Sets forth provisions concerning the issuance of a refund, notification, and the award of grants to students. Amends the State Finance Act to create the MAP Refund Fund as a special fund in the State treasury. Effective immediately.