Section 110 ILCS 923/20 - Maximum Loan Time Period; Maximum Loan Amount(a) Subject to appropriation, an undergraduate forgivable loan may be awarded for a maximum of 2 academic years. The amount of this loan shall not exceed $4,000 per year. (b) Subject to appropriation, a graduate forgivable loan may be awarded for a maximum of 2 academic years. The amount of this loan shall not exceed $8,000 per year. Added by P.A. 094-0497, § 20, eff. 1/1/2006.