{ISAC Rules, Part 2767}
The Illinois Teachers and Child Care Providers Loan Repayment Program encourages academically talented Illinois students to enter into and continue teaching in Illinois schools in low-income areas and to enter the early child care profession and serve low-income areas in Illinois.
To be eligible for this program, teachers must first qualify for the federal government’s teacher loan cancellation program. The federal government’s program, known as the Federal Stafford Loan Cancellation for Teachers Program, will cancel up to $5,000 of a borrower’s Federal Stafford student loans, borrowed after October 1, 1998 if the borrower teaches on a full-time basis for five consecutive years in an elementary or secondary school that has been designated a "low-income" school by the U.S. Department of Education.
If a teacher qualifies for the Federal Stafford Loan Cancellation for Teachers Program and completes the required five years of teaching in an Illinois school designated as a "low-income" school, the borrower may also apply for the Illinois Teacher Loan Repayment Program. Illinois will provide an additional matching grant of up to $5000 to the qualifying teacher to repay their student loan debt.
Child care providers are also eligible to receive help in paying their student loans through federal and state programs. The State of Illinois will provide a matching grant for child care providers who qualify for the Federal Child Care Provider Loan Forgiveness Program by working full-time in a child care facility that serves a low-income community in Illinois for at least two consecutive years. The total number of grants awarded in a given fiscal year is contingent upon available funding. If funding is insufficient to pay all eligible applicants, awarding will be based on the date the complete application, with all required documentation, is received at ISAC.
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