110 ILCS 945/0.01
Short title
Short title. This Act may be cited as the Higher Education Loan Act. (Source: P.A. 86-1324.)
Illinois Compiled Statutes 110 ILCS 945 — Higher Education Loan Act.
Illinois · statute · 110 ILCS 945 · 41 active provisions
110 ILCS 945/2
Declaration of Purpose
Declaration of Purpose. It is declared that for the benefit of the people of the State of Illinois, the conduct and increase of their commerce, the protection and enhancement of their welfare, the development of continued prosperity and the improvement of their health and living conditions, it is essential that this an…
110 ILCS 945/3
Definitions
Definitions. In this Act, unless the context otherwise requires, the terms specified in Sections 3.01 through 3.13 of this Act and the Illinois Finance Authority Act have the meanings ascribed to them in those Acts. (Source: P.A. 95-331, eff. 8-21-07.)
110 ILCS 945/3.01
Authority
Authority. "Authority" means the Illinois Finance Authority created by the Illinois Finance Authority Act. (Source: P.A. 95-331, eff. 8-21-07.)
110 ILCS 945/3.02
Authority Loans
Authority Loans. "Authority Loans" means loans by the Authority to institutions of higher education or education loan corporations for the purpose of funding Education Loans. (Source: P.A. 85-1326.)
110 ILCS 945/3.05
Borrower
Borrower. "Borrower" means a student who has received an Education Loan or any Parent who has received or agreed to pay an Education Loan. (Source: P.A. 82-658.)
110 ILCS 945/3.06
Default insurance
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
Default reserve fund
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
Cost of Attendance
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 or hereafter amended. (Source: P.A. 82-658.)
110 ILCS 945/3.09
Education Loan
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 amounts specified in this Section to finance the student's attendance at an institution of higher educati…
110 ILCS 945/3.09a
Education Loan Corporation
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, instrumentality, district or municipality thereof, which is organized for the purpose of, or is otherwise…
110 ILCS 945/3.10
Loan funding deposit
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 security for Bonds, (b) funding a default reserve fund, (c) acquiring default insurance, or (d) defra…
110 ILCS 945/3.12
Parent
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
Education loan series portfolio
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 Loan to such institution or education loan corporation out of the proceeds of a related specific Bond i…
110 ILCS 945/5
Transfer of functions from the Illinois Educational Facilities Authority to the Illinois Finance Authority
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 rights, powers, duties and responsibilities formerly exercised by the Illinois Educational Fa…
110 ILCS 945/6
Functions and powers of Authority
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. 88-555, eff. 7-27-94.)
110 ILCS 945/6.05
Determination of qualified financings and establishment of financing programs
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, the Authority shall be empowered to issue Bonds for the purpose of making Authority Loans to institu…
110 ILCS 945/6.08
Establishment of rules and regulations
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 945/6.10
Receipt and acceptance of loans, contributions or grants
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, when required, to use such funds, property or labor only for the purposes for which it was loaned, co…
110 ILCS 945/6.11
Making Authority Loans to institutions of higher education and education loan corporations
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 thereof be used for making Education Loans and paying costs and fees in connection therewith. (Source: P.A…
110 ILCS 945/6.12
Apportionment of administrative costs and expenses among participating institutions of higher education and education loan corporations
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 education loan corporations its administrative and operating costs and expenses incurred in the exe…
110 ILCS 945/6.13
Borrowing funds for operations
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 borrowings shall be limited obligations of the character described in Section 12 of this Act and shall be…
110 ILCS 945/6.14
Combining Education Loan series portfolios for financing purposes
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 the institutions of higher education and education loan corporations which are participating in such…
110 ILCS 945/6.15
Examining records
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 or institution retained under Section 6.05 of this Act. (Source: P.A. 88-555, eff. 7-27-94.)
110 ILCS 945/6.16
Use of Education Loan proceeds
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 shall require that each Borrower under an Education Loan shall use the proceeds solely for the cost o…
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