Section 595.200  Criteria for Award of Loans

a)         Loans for tuition and loans for expenses will be awarded by the Department through approved institutions.  Loans will be awarded to eligible students who agree to the provisions of the contract, selected based on fulfilling the eligibility requirements as outlined in Section 595.100 of this Part.  The Department shall allocate the loans by region according to the region's proportionate share of the total number of registered nurses in that region as last certified by the Department of Professional Regulation.  Any loan not used in one region may be allocated to another region  (Section 6 of the Law).  Any available funding shall be reallocated evenly among all regions in the insufficient funds necessary to fulfill all applications.  When the number of eligible applicants exceeds the amount of loan funds to be awarded, all applications shall be ranked according to the following criteria:

1)         receipt of loan funds in the previous academic year; and

2)         least number of hours remaining to complete the Bachelor's of Science in Nursing (BSN) degree.

b)         Loan awards shall be made for up to $2,000 for tuition and fees per year for the part-time recipient.  The maximum loan amount is $4,000 for tuition and fees for the total time recipient may take to complete the degree.

c)         Recipients enrolled on a full-time basis shall receive a living expense stipend of up to $2,500 per year in addition to the tuition and fees award.  The maximum loan amount is $5,000 for living expenses for the total time recipient may take to complete the degree.

d)         The amount of the loan funds paid to an approved institution on behalf of the recipient is based on the payment request form submitted each school term by the financial aid office at the institution. The recipient's tuition/fee amount less any other federal or state gift assistance is entered on the form as well as the number of hours of enrollment.  Tuition/fee amounts are paid according to these figures up to the annual maximum and, if enrollment is reported as full-time, a living expense stipend is paid according to the following definitions:

1)         two (2) semesters are equivalent to an academic year and each semester of full-time enrollment warrants a stipend of $1,250.

2)         three (3) quarters or trimesters are equivalent to an academic year and each quarter/trimester warrants a stipend of $833.

(Source:  Amended at 17 Ill. Reg. 13746, effective August 10, 1993)