Each year, using data from the preceding fiscal year, public universities shall include as part of an undergraduate student’s tuition bill or other statement of tuition charges or as a separate attachment to the bill or charge the following statement:
    For Fiscal Year ….., the General Assembly and the
    
Governor authorized the aggregate amount of $….. to be appropriated from the General Revenue Fund and the Education Assistance Fund for operation of the State‘s public universities. For Fiscal Year ….., each resident undergraduate full-time public university student received an average tuition subsidy of $….. from the State of Illinois, which was applied to offset the full cost of instruction.
The average resident tuition subsidy rate from the State for each undergraduate resident full-time public university student shall be determined annually by the Illinois Board of Higher Education using the following formula: the average total undergraduate instructional costs per full-time equivalent undergraduate student at Illinois public universities minus the average full-time undergraduate resident tuition rate at Illinois public universities. For the purposes of this calculation, a full time equivalent undergraduate student shall be represented by 30 undergraduate hours taken in a fiscal year.

Terms Used In Illinois Compiled Statutes 110 ILCS 63/15

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

     The Illinois Board of Higher Education shall provide the calculation for the average tuition subsidy for the preceding fiscal year to all public universities by March 1 of each year.
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