Illinois General Assembly - Full Text of SB3718
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Full Text of SB3718  102nd General Assembly

SB3718 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3718

 

Introduced 1/21/2022, by Sen. Ram Villivalam

 

SYNOPSIS AS INTRODUCED:
 
110 ILCS 947/65.58 new

    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.


LRB102 24643 RJT 33881 b

 

 

A BILL FOR

 

SB3718LRB102 24643 RJT 33881 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Higher Education Student Assistance Act is
5amended by adding Section 65.58 as follows:
 
6    (110 ILCS 947/65.58 new)
7    Sec. 65.58. Teacher Loan Repayment Program.
8    (a) In order to encourage academically talented Illinois
9students to enter and continue teaching in Illinois schools in
10low-income areas and to encourage students to enter the early
11child care profession and serve low-income areas, the
12Commission shall, each year, receive and consider applications
13for loan forgiveness under this Section. This program shall be
14known as the Teacher Loan Repayment Program. The Commission
15shall administer the program and shall make all necessary and
16proper rules not inconsistent with this Section for the
17program's effective implementation.
18    (b) Subject to a separate appropriation made for such
19purposes, the Commission shall award a grant to each qualified
20applicant in an amount equal to a percentage designated in
21subsection (d) of the remaining balance the qualified
22applicant's outstanding educational loans. The Commission
23shall encourage the recipient of a grant under this Section to

 

 

SB3718- 2 -LRB102 24643 RJT 33881 b

1use the grant amount awarded to pay off his or her educational
2loans.
3    (c) A person is a qualified applicant under this Section
4if he or she meets all of the following qualifications:
5        (1) the person is a United States citizen or eligible
6    noncitizen;
7        (2) the person is a resident of this State; and
8        (3) the person currently has outstanding student
9    loans.
10    (d) The Commission shall yearly grant the qualified
11applicant an amount equal to 10% of the qualified applicant's
12remaining loan balance each year if he or she teaches at a
13public school district. The Commission shall grant this amount
14to the qualified applicant for 5 years or until 50% of the
15qualified applicant's outstanding balance at the time of the
16initial application is paid off.
17    (e) All applications for grant assistance under this
18Section shall be made to the Commission. The form of
19application and the information required to be set forth in
20the application shall be determined by the Commission, and the
21Commission shall require applicants to submit with their
22application such supporting documents as the Commission deems
23necessary.
 
24    Section 99. Effective date. This Act takes effect July 1,
252022.