Illinois General Assembly - Bill Status for SB3718
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 Bill Status of SB3718  102nd General Assembly


Short Description:  STUDENT LOANS-TEACHER FORGIVE

Senate Sponsors
Sen. Ram Villivalam

Last Action
DateChamber Action
  2/10/2022SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
110 ILCS 947/65.58 new


Synopsis As Introduced
Amends the Higher Education Student Assistance Act. Creates the Teacher Loan Repayment Program. Provides that the Illinois Student Assistance Commission shall consider applications for forgiving portions of qualified applicant's education loans each year. Provides that 10% of the applicant's yearly loan balance shall be forgiven each year for 5 years or until 50% of the applicant's outstanding balance at the time of the initial application is paid off. Effective July 1, 2022.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Ram Villivalam
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments
  2/1/2022SenateAssigned to Appropriations
  2/1/2022SenateTo Appropriations- Higher Education
  2/10/2022SenateRule 3-9(a) / Re-referred to Assignments

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