Illinois Compiled Statutes 110 Higher Education: Article -

• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 0.01
  Short title. This Act may be cited as the Higher Education Loan Act. (Source: P.A. 86-1324.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 2
  Declaration of Purpose. It is declared that for the benefit of the people of the State of Illinois, the conduct and increase of their...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3
  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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.01
  Authority. "Authority" means the Illinois Finance Authority created by the Illinois Finance Authority Act. (Source: P.A. 95-331, eff. 8-21-07.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.02
  Authority Loans. "Authority Loans" means loans by the Authority to institutions of higher education or education loan corporations for the purpose of funding Education...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.03
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.04
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.05
  Borrower. "Borrower" means a student who has received an Education Loan or any Parent who has received or agreed to pay an Education Loan....
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.06
  Default insurance. "Default insurance" means insurance insuring Education Loans, Authority Loans or Bonds against default. (Source: P.A. 82-658.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.11
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 3.12
  Parent. "Parent" means any parent or guardian of a student at an institution of higher education. (Source: P.A. 82-658.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 4
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 6.06
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 6.07
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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.
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 6.09
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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,...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 7
  Expenses of Authority - Limitation of liability for expense. All expenses incurred in carrying out the provisions of this Act shall be payable solely...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 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...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 10
  Bonds. (a) The Authority may from time to time issue Bonds for any corporate purpose and all such Bonds or other obligations of the...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 11
  Trust agreement to secure Bonds. In the discretion of the Authority any Bonds issued under the provisions of this Act may be secured by...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 12
  Bonds as obligation of Authority only. Bonds issued under authority of this Act shall be obligations of the Authority only, and not of the...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 13
  Pledge of Revenues. The Authority shall fix, revise, charge and collect fees and is empowered to contract with any person, partnership, association or corporation,...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 14
  Funds from sale of Bonds as trust funds - Application of funds. All monies received by or on behalf of the Authority pursuant to...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 15
  Rights of Bond holders. Any holder of Bonds issued pursuant to this Act or a trustee under a trust agreement entered into pursuant to...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 16
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 17
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 18
  Bonds as legal investments. All banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, insurance...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 19
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 20
  Waiver of competitive bidding. Competitive bidding requirements of the Illinois Revised Statutes or any other similar requirements that may be lawfully waived are waived...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 21
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 22
  Powers - Interest rates. Notwithstanding any other provision of law, institutions and education loan corporations shall have the power to borrow money from the...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 23
  Act as alternative method - Application of Bond law - Powers not subject to supervision or regulation by other element or government. The foregoing...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 24
  Liberal construction of Act. This Act, being necessary for the welfare of the State and its inhabitants, shall be liberally construed to effect its...
• Illinois Higher Education Loan Act. - 110 ILCS 945, Section 25
  (Repealed). (Source: Repealed by P.A. 88-555, eff. 7-27-94.)

Last modified: February 18, 2015