IL OPPORTUNITY SCHOLARSHIP

Creates the Illinois Opportunity Scholarship Act to be administered by the Illinois Student Assistance Commission. Provides for the award, beginning with the 2004-2005 academic year, of undergraduate scholarships, renewable for up to 4 years, for use at institutions of higher education located in the State. Establishes criteria for the initial award and for renewal of the scholarships. Provides that the annual amount of a scholarship shall be equal to the tuition and mandatory fees for a full-time undergraduate student at the institution of higher education at which the scholarship recipient is enrolled, not to exceed the equivalent expense for such a full-time undergraduate, in-state student at the University of Illinois, plus a $200 book allowance. Effective January 1, 2004.