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{ISAC Rules, Section 2767.30}
All applicants must complete and file an ISAC application for a Teacher Loan Repayment grant or Child Care Provider Loan Repayment grant. Documentation must also be included that s/he has had an educational loan forgiven under Section 428J or 428K of the Higher Education Act (HEA), and qualified for that loan forgiveness by virtue of service performed in Illinois.
An applicant must apply within six months after receiving notification of loan forgiveness pursuant to Section 428J or 428K of the HEA.
The borrower must reapply each year that he or she receives a portion of his or her loans forgiven under Section 428K of the HEA, but no more than a total of $5,000 may be awarded to an individual borrower.
Loan repayment will be made to the borrower based upon the lesser of:
- The amount forgiven under Section 428J or 428K of the HEA; or
- $5,000.
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