Illinois: Borrowing Plan to Fund MAP Grants Is on Hold (Chicago Tribune)
"Gov. Pat Quinn has temporarily shelved a borrowing plan to fund scholarships for about 137,000 low-income college students enrolled for the spring semester," the Chicago Tribune reports. "Quinn's office said Monday that he will not ask lawmakers to vote this week on a plan to borrow about $1 billion from surplus state funds to pay for the scholarships and other programs. Quinn had floated the idea as a way to pay for the scholarships, also known as Monetary Award Program (MAP) grants, after lawmakers gave him the power to spend $205 million for the grants this month but didn't include a way to pay for them. Quinn spokeswoman Kelly Kraft said a delay until spring 2010 is necessary 'to work out all of the details with the treasurer and legislators.'Kraft added that the administration will use the time to evaluate which funds are suitable for borrowing."
You can read the complete Oct. 27, 2009 Chicago Tribune article on-line.
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