SB 2040

Abstract

Amends the Higher Education Student Assistance Act with respect to the Minority Teachers of Illinois scholarship program. Provides that any money appropriated to the Illinois Student Assistance Commission for scholarship awards for a particular academic year that remains unused at the end of that academic year shall be deposited into the Student Teaching Fund. Requires the Commission to establish and administer a student teaching stipend program in which the Commission receives and considers applications for a stipend from scholarship recipients who are student teaching. Subject to appropriation from the Student Teaching Fund, provides that the Commission shall select stipend recipients from among applicants who are in financial need. Provides that the amount and payment of any stipend shall be determined by the Commission, and provides for rulemaking. Amends the State Finance Act to create the Student Teaching Fund as a special fund in the State treasury.