(Chicago Sun-Times) — About 80,000 low-income students who sought Illinois financial aid to attend community colleges this year didn’t get a dime because the state ran out of money.
To prevent that from happening again, state officials are proposing a novel way to pay for $100 million in Monetary Award Program grants: borrowing $550 million to cover the cost of five years of grants to 100,000 students each year. Then, they propose using the state income tax paid by those students over 10 years to pay off the bonds.
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