Section 590.325  Educational Loan Repayment Agreement

a)         The award to a recipient will not be final until the recipient and the Department have executed an agreement setting forth the terms and conditions of the agreement on a form provided by the Department. 

b)         Pursuant to the Illinois Grant Funds Recovery Act, the agreement shall, at a minimum:

1)         Describe the purpose of the award and be signed by the Department and the recipient;

2)         Specify how payments shall be made, what constitutes permissible expenditure of award funds, and the financial controls applicable to the award, including, for those awards in excess of $25,000, the filing of quarterly reports describing the recipient's progress in the program and the expenditure of the award funds related to the program;

3)         Specify the period of time for which the award is valid and the period of time during which award funds may be expended by the recipient;

4)         Contain a provision that any recipients receiving award funds are required to permit the Department, the Auditor General or the Attorney General to inspect and audit any books, records or papers related to the program for which award funds are provided;

5)         Contain a provision in which the recipient certifies under oath that all information in the agreement is true and correct to the best of the recipient's knowledge, information and belief; that all funds shall be used only for the purposes described in the agreement; and that the award of loan repayment funds is conditioned upon the certification. (Section 4(b) of the Illinois Grant Funds Recovery Act)

c)         The amount of an award shall be based on the following:

1)         If the recipient works full-time at a medical facility in a designated shortage area in Illinois for two years, the recipient can receive a maximum of $50,000 if the recipient has that amount in educational debt.

2)         If the recipient works part-time at a medical facility in a designated shortage area in Illinois for four years, the recipient can receive a maximum $50,000 if the recipient has that amount in educational debt.

(Source:  Amended at 48 Ill. Reg. 2653, effective January 30, 2024)