182
STUDENT ASSISTANCE COMMISSION
84.032 FEDERAL FAMILY EDUCATION LOANS
Program Description: The program provides guaranteed loans for educational expenses. The
loans are available from eligible lenders such as banks, credit unions, savings and loan associa-tions,
pension funds, and insurance companies. They may be used by vocational, undergradu-ate,
and graduate students enrolled at eligible postsecondary institutions. The loans are insured
by a state guarantee agency that makes payments to lenders in the case of default, death, dis-ability,
or bankruptcy of insured student borrowers.
Formula Description: This program has no statutory formula.
Account Identification: 91-4251-0-1-502
($ in thousands)
Outlays to Illinois: FY 2007 FY 2008 FY 2009
$150,502 $205,873 $236,754
State Trust Fund: 663 - Federal Student Loan Fund
664 - Student Loan Operation Fund
State Programs Supported Pop. Served Area
• Illinois Guaranteed Loan Program 225,000 Statewide
84.069 LEVERAGING EDUCATIONAL ASSISTANCE PARTNERSHIP
Program Description: The program (formerly SSIG) provides financial assistance to postsec-ondary
students with substantial financial need.
Formula Description: Each state receives an allotment and possibly a re-allotment of funds
based upon the number of students eligible to participate in the program relative to the total
number of such students in all states; no state receives less than its FFY 1979 allotment. Main-tenance
of effort requirements provide that annual expenditures for the program must not be
less than the average for the previous three fiscal years. A 50% state match is required.
Account Identification: 91-0200-0-1-502
($ in thousands)
Outlays to Illinois: FY 2007 FY 2008 FY 2009
$3,626 $3,768 $3,715
State Trust Fund: 701 - Federal Student Incentive Trust Fund
State Programs Supported Pop. Served Area
• Monetary Award Program 3,100 Statewide
