Section 595.320  Forgiveness of Loan

a)         A loan to a recipient shall be excused and deemed satisfied pursuant to the requirements of Section 8 of the Law as follows:

1)         If a loan is provided for full-time academic work, the loan is excused when the recipient has documented:

A)        substantially full-time professional nursing practice or full-time post-baccalaureate studies in nursing at an approved institution in Illinois for a number of years equal to the number of years loan funds were received or

B)        substantially half-time professional nursing practice or half-time post-baccalaureate studies in nursing at an approved institution in Illinois for twice the number of years as the number of years loan funds were received.

2)         If a loan is provided for part-time academic work, the loan is excused when the recipient has documented:

A)        substantially full-time professional nursing practice or full-time post-baccalaureate studies in nursing at an approved institution in Illinois for one-half (½) the number of years as the number of years loan funds were received or

B)        substantially half-time professional nursing practice or half-time post-baccalaureate studies in nursing at an approved institution in Illinois for a number of years equal to the number of years loan funds were received.

b)         Forms to document the above are sent to the recipient by the Department at the appropriate time according to the date of completion of the BSN degree.  When the loan is determined to be satisfied, the recipient is officially notified and the record is closed.

c)         If a recipient dies or suffers total and permanent disability either while pursuing the degree, or after completing the degree if the recipient is engaged in an activity as described in this Section up to the onset of the fatal illness or such disability, the loan or any balance due on it shall be excused and deemed satisfied.

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