TITLE 23: EDUCATION AND CULTURAL RESOURCES
SUBTITLE A: EDUCATION
CHAPTER XIX: ILLINOIS STUDENT ASSISTANCE COMMISSION
PART 2767 ILLINOIS TEACHERS AND CHILD CARE PROVIDERS LOAN REPAYMENT PROGRAM
SECTION 2767.30 PROGRAM PROCEDURES
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 he or she has had an educational loan 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 his or her disbursing agent for this purpose. Otherwise, the recipient is responsible for paying the holder.
e) The borrower may reapply each year that he or she receives a portion of his or her loans 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 in ISAC's Deerfield office.
(Source: Amended at 31 Ill. Reg. 9525, effective July 1, 2007)