Chapter 110 — HIGHER EDUCATION

(110 ILCS 945/3.06) (from Ch. 144, par. 1603.06) Sec. 3.06. Default insurance. "Default insurance" means insurance insuring Education Loans, Authority Loans or Bonds against default. (Source: P.A. 82-658.)

(110 ILCS 945/3.07) (from Ch. 144, par. 1603.07) Sec. 3.07. Default reserve fund. "Default reserve fund" means a fund established pursuant to a bond ordinance for the purpose of securing Education Loans, Authority Loans or Bonds. (Source: P.A. 82-658.)

(110 ILCS 945/3.08) (from Ch. 144, par. 1603.08) Sec. 3.08. Cost of Attendance. Cost of attendance shall be the amount defined by the institution for the purpose of the guaranteed student loan program as defined under Title IV, Part B, of the "Higher Education Act of 1965" as now…

(110 ILCS 945/3.09) (from Ch. 144, par. 1603.09) 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 amoun…

(110 ILCS 945/3.09a) (from Ch. 144, par. 1603.09a) Sec. 3.09a. Education Loan Corporation. "Education loan corporation" means a not for profit corporation organized under the laws of this State which is not owned or controlled by the State or any political subdivision, agency, in…

(110 ILCS 945/3.10) (from Ch. 144, par. 1603.10) Sec. 3.10. Loan funding deposit. "Loan funding deposit" means monies or other property deposited by an institution of higher education or education loan corporation with the Authority or a trustee for the purpose of (a) providing s…

(110 ILCS 945/3.11) (from Ch. 144, par. 1603.11) Sec. 3.11. (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

(110 ILCS 945/3.12) (from Ch. 144, par. 1603.12) Sec. 3.12. Parent. "Parent" means any parent or guardian of a student at an institution of higher education. (Source: P.A. 82-658.)

(110 ILCS 945/3.13) (from Ch. 144, par. 1603.13) Sec. 3.13. Education loan series portfolio. "Education Loan series portfolio" means all Education Loans made by an institution of higher education or education loan corporation which are funded from the proceeds of an Authority Loa…

(110 ILCS 945/4) (from Ch. 144, par. 1604) Sec. 4. (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

(110 ILCS 945/5) (from Ch. 144, par. 1605) Sec. 5. Transfer of functions from the Illinois Educational Facilities Authority to the Illinois Finance Authority. The Illinois Finance Authority created by the Illinois Finance Authority Act shall succeed to, assume and exercise all ri…

(110 ILCS 945/6) (from Ch. 144, par. 1606) Sec. 6. Functions and powers of Authority. In addition to the functions and powers enumerated in the Illinois Educational Facilities Act, the Authority has the functions and powers set forth in Sections 6.05 through 6.18. (Source: P.A. 8…

(110 ILCS 945/6.05) (from Ch. 144, par. 1606.05) Sec. 6.05. Determination of qualified financings and establishment of financing programs. To establish criteria for and guidelines encompassing the types of and qualifications for Education Loan financing programs. In this regard, …

(110 ILCS 945/6.06) (from Ch. 144, par. 1606.06) Sec. 6.06. (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

(110 ILCS 945/6.07) (from Ch. 144, par. 1606.07) Sec. 6.07. (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

(110 ILCS 945/6.08) (from Ch. 144, par. 1606.08) Sec. 6.08. Establishment of rules and regulations. To establish rules and regulations with respect to Authority Loans, Education Loans and Education loan series portfolios. (Source: P.A. 82-658.)

(110 ILCS 945/6.09) (from Ch. 144, par. 1606.09) Sec. 6.09. (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

(110 ILCS 945/6.10) (from Ch. 144, par. 1605.10) Sec. 6.10. Receipt and acceptance of loans, contributions or grants. To receive and accept from any source, loans, contributions or grants for or in aid of an Authority Education Loan financing program or any portion thereof and, w…

(110 ILCS 945/6.11) (from Ch. 144, par. 1606.11) Sec. 6.11. Making Authority Loans to institutions of higher education and education loan corporations. To make Authority Loans to institutions of higher education and education loan corporations and require that the proceeds thereo…

(110 ILCS 945/6.12) (from Ch. 144, par. 1606.12) Sec. 6.12. Apportionment of administrative costs and expenses among participating institutions of higher education and education loan corporations. To charge to and apportion among participating institutions of higher education and…

(110 ILCS 945/6.13) (from Ch. 144, par. 1606.13) Sec. 6.13. Borrowing funds for operations. To borrow working capital funds and other funds as may be necessary for start-up and continuing operations, as long as such funds are borrowed in the name of the Authority only. Such borro…

(110 ILCS 945/6.14) (from Ch. 144, par. 1606.14) Sec. 6.14. Combining Education Loan series portfolios for financing purposes. Notwithstanding any other provision contained in this Act, to comingle and pledge as security for a series or issue of Bonds, with the consent of all of …

(110 ILCS 945/6.15) (from Ch. 144, par. 1606.15) Sec. 6.15. Examining records. To examine records and financial reports of participating institutions of higher education and education loan corporations, and to examine records and financial reports of any contractor organization o…

(110 ILCS 945/6.16) (from Ch. 144, par. 1606.16) Sec. 6.16. Use of Education Loan proceeds. The Authority shall require that Authority Loans be used solely to make Education Loans. The Authority shall require that institutions of higher education and education loan corporations s…

(110 ILCS 945/6.17) (from Ch. 144, par. 1606.17) Sec. 6.17. Refunding Bonds and reduction of debt. Whenever refunding Bonds are issued to refund Bonds, the proceeds of which were used to make Authority loans, the Authority may reduce the amount it is owed by the institutions of h…

(110 ILCS 945/6.18) (from Ch. 144, par. 1606.18) Sec. 6.18. Necessary and proper actions. The Authority shall have the power to authorize its officers, agents and employees to take such action and do such things as shall be necessary or desirable in order to carry out and effectu…

(110 ILCS 945/7) (from Ch. 144, par. 1607) Sec. 7. Expenses of Authority - Limitation of liability for expense. All expenses incurred in carrying out the provisions of this Act shall be payable solely from funds provided under the authority of this Act and, except as authorized u…

(110 ILCS 945/8) (from Ch. 144, par. 1608) Sec. 8. Acquisition of certain monies, endowments, and properties and guarantees thereto. The Authority is authorized to establish specific guidelines relating to the deposits of certain monies, endowments, or properties by institutions …

(110 ILCS 945/9) (from Ch. 144, par. 1609) Sec. 9. Conveyance of loan funding deposit after payment of principal and interest. When the principal of and interest on Bonds of the Authority issued to finance the cost of an Education Loan financing program or programs, including any…

(110 ILCS 947/1) Sec. 1. Short title. This Act may be cited as the Higher Education Student Assistance Act. (Source: P.A. 87-997.)

(110 ILCS 947/10) Sec. 10. Definitions. In this Act, and except to the extent that any of the following words or phrases is specifically qualified by its context: "Commission" means the Illinois Student Assistance Commission created by this Act. "Enrollment" means the establishme…

(110 ILCS 947/100) Sec. 100. ISAC originated loans. (a) To further the purposes of this Act, the Commission is authorized to originate loans for educational purposes, to students enrolled at higher education institutions. The Commission may establish borrower eligibility requirem…

(110 ILCS 947/105) Sec. 105. Procedure on default. Upon default by the borrower on any loan guaranteed under this Act, upon the death of the borrower, or upon report from the lender that the borrower has become a person with a total and permanent disability, as determined in acco…

(110 ILCS 947/110) Sec. 110. Disposition of moneys received by Commission; Appropriations; Insufficient appropriations. (a) All moneys received by the Commission in furtherance of its guarantee loan program for guaranteeing loans for attendance at institutions of higher education…

(110 ILCS 947/113) Sec. 113. Federal Student Loan Fund; Student Loan Operating Fund; Federal Reserve Recall Fund. The Commission shall create the Federal Student Loan Fund, the Student Loan Operating Fund, and the Federal Reserve Recall Fund. At the request of the Commission's Ex…

(110 ILCS 947/115) Sec. 115. Partial invalidity. If any provision of this Act or the application thereof to any person or circumstances is invalid, that invalidity shall not affect its other provisions or applications of the Act which can be given effect without the invalid provi…

(110 ILCS 947/120) Sec. 120. Penalty for fraudulent information. Any person who by means of any false statement, wilful misrepresentation, or through other fraudulent device obtains or attempts to obtain or aids or abets any person in obtaining a scholarship, grant, monetary awar…

(110 ILCS 947/125) Sec. 125. Short title. Sections 125 through 170 of this Act may also be cited as the Education Loan Purchase Program Law. (Source: P.A. 87-997.)

(110 ILCS 947/130) Sec. 130. Purpose. The General Assembly finds and declares that (1) the provision of an education for all residents of this State who desire an education and are properly qualified therefor is important to the welfare and security of this State and Nation and, …

(110 ILCS 947/135) Sec. 135. Definitions. In this Act, and except to the extent that any of the following words or phrases is specifically qualified by its context: (a) "Purchase Program" means the Commission exercising its power to establish a secondary market for certain loans …

(110 ILCS 947/140) Sec. 140. Powers and duties. The Commission shall have the following powers in furtherance of the programs authorized by this Act: (a) To adopt rules and regulations governing the purchasing, servicing, and selling of eligible loans and any other matters relati…

(110 ILCS 947/145) Sec. 145. Issuance of Bonds. (a) The Commission has power, and is authorized from time to time, to issue bonds (1) to make or acquire eligible loans, (2) to refund the bonds of the Commission, or (3) for a combination of such purposes. The Commission shall not …

(110 ILCS 947/15) Sec. 15. Illinois Student Assistance Commission. (a) There is established the Illinois Student Assistance Commission, consisting of 10 persons to be appointed by the Governor with the advice and consent of the Senate. The membership of the Commission shall consi…

(110 ILCS 947/150) Sec. 150. Security for Bonds. In connection with the issuance of any bonds under this Act, and in order to secure the payment of any such bonds and the interest thereon, the Commission shall have the power: (a) To collect all eligible loan receipts, to pay the …

(110 ILCS 947/152) Sec. 152. Bonds guaranteed by the State of Illinois. Notwithstanding any other provision of this Act, bonds issued in accordance with the provisions of this Act may be designated by the Commission as guaranteed by the State of Illinois, and any bonds so designa…

(110 ILCS 947/155) Sec. 155. Enforcement of contract. The provisions of this Act and of any resolution or proceeding authorizing the issuance of bonds shall constitute a contract with the holders of the bonds, and the provisions thereof shall be enforceable either by mandamus or …

(110 ILCS 947/160) Sec. 160. Moneys of the Commission. Notwithstanding the provisions of this Act or of any other law, all proceeds from the sale of the bonds of the Commission issued pursuant to this Act or pledged or assigned to or in trust for the benefit of the holder or hold…

(110 ILCS 947/165) Sec. 165. Validity of bonds. The bonds bearing the signature of officers of the Commission in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any of the pers…

(110 ILCS 947/170) Sec. 170. Bonds as legal investments. The State and all counties, cities, villages, incorporated towns and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings b…

(110 ILCS 947/175) Sec. 175. Supplemental nature of Act; construction and purpose. The powers conferred by this Act shall be in addition to and supplemental to the powers conferred by any other law, general or special, and may be exercised notwithstanding the provisions of any ot…