Ill. Admin. Code tit. 23 § 2767.30

Current through Register Vol. 48, No. 45, November 8, 2024

Section 2767.30 - Program Procedures

a) An applicant must complete and file an ISAC application for a Teacher Loan Repayment grant or Child Care Provider Loan Repayment grant and include documentation that an educational loan was forgiven under Section 428J or 428K of the HEA, and qualified for that loan forgiveness by virtue of service performed in Illinois.

b) An applicant must apply for a grant under this Part within six months after receiving notification of loan forgiveness pursuant to Section 428J or 428K of the HEA.

c) The amount repaid will be based on the borrower's outstanding balance not to exceed $5,000.

d) Proceeds will be remitted directly to the holder of the loans to be repaid when the beneficiary designates ISAC as the disbursing agent for this purpose. Otherwise, the recipient is responsible for paying the holder.

e) The borrower may reapply each year that a portion of the borrower's loans is forgiven under Section 428K of the HEA, but no more than a total of $5,000 may be awarded to an individual borrower.

f) The total number of grants awarded in a given fiscal year is contingent upon available funding.

g) If funding is insufficient to pay all eligible applicants, awarding will be based on the date the complete application, with all required documentation, is received by ISAC.

Ill. Admin. Code tit. 23, § 2767.30

Amended at 31 Ill. Reg. 9525, effective July 1, 2007

Amended at 46 Ill. Reg. 12105, effective 7/1/2022