103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0309
 
Introduced 2/2/2023, by Sen. Ram Villivalam
 
SYNOPSIS AS INTRODUCED:



110 ILCS 947/65.58 new

 Amends the Higher Education Student Assistance Act. Creates the Teacher Loan Repayment Program. Provides that the Illinois Student Assistance Commission shall consider applications for forgiving portions of qualified applicant's education loans each year. Provides that 10% of the applicant's yearly loan balance shall be forgiven each year for 5 years or until 50% of the applicant's outstanding balance at the time of the initial application is paid off. Effective July 1, 2024.



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A BILL FOR
 


SB0309LRB103 26404 RJT 52767 b



1 AN ACT concerning education.


2 Be it enacted by the People of the State of Illinois,

3represented in the General Assembly:



4 Section 5. The Higher Education Student Assistance Act is 
5amended by adding Section 65.58 as follows:

6 (110 ILCS 947/65.58 new)
7 Sec. 65.58. Teacher Loan Repayment Program.
8 (a) In order to encourage academically talented Illinois 
9students to enter and continue teaching in Illinois schools in 
10low-income areas and to encourage students to enter the early 
11child care profession and serve low-income areas, the 
12Commission shall, each year, receive and consider applications 
13for loan forgiveness under this Section. This program shall be 
14known as the Teacher Loan Repayment Program. The Commission 
15shall administer the program and shall make all necessary and 
16proper rules not inconsistent with this Section for the 
17program's effective implementation.
18 (b) Subject to a separate appropriation made for such 
19purposes, the Commission shall award a grant to each qualified 
20applicant in an amount equal to a percentage designated in 
21subsection (d) of the remaining balance the qualified 
22applicant's outstanding educational loans. The Commission 
23shall encourage the recipient of a grant under this Section to 
 
 
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1use the grant amount awarded to pay off his or her educational 
2loans. 
3 (c) A person is a qualified applicant under this Section 
4if he or she meets all of the following qualifications: 
5  (1) the person is a United States citizen or eligible 
6 noncitizen; 
7  (2) the person is a resident of this State; and 
8  (3) the person currently has outstanding student 
9 loans. 
10 (d) The Commission shall yearly grant the qualified 
11applicant an amount equal to 10% of the qualified applicant's 
12remaining loan balance each year if he or she teaches at a 
13public school district. The Commission shall grant this amount 
14to the qualified applicant for 5 years or until 50% of the 
15qualified applicant's outstanding balance at the time of the 
16initial application is paid off. 
17 (e) All applications for grant assistance under this 
18Section shall be made to the Commission. The form of 
19application and the information required to be set forth in 
20the application shall be determined by the Commission, and the 
21Commission shall require applicants to submit with their 
22application such supporting documents as the Commission deems 
23necessary. 


24 Section 99. Effective date. This Act takes effect July 1, 
252024.