|
|
|
|
By submitting the 2008-09 Teacher Education Scholarship Programs Application, I agree to the terms and conditions of the 2008-09 Minority Teachers of Illinois (MTI) Scholarship Program rules and procedures as described in this Teaching Agreement/Promissory Note.
The Minority Teachers of Illinois (MTI) Scholarship Program offers minority students who are studying to become teachers in Illinois the opportunity to receive an award up to $5,000 per year for assistance with college tuition, fees, room and board or commuter allowances, if applicable.
PROMISE TO PAY
If I receive funds from the MTI Scholarship Program, I promise to teach on a full-time basis for one year in return for each full year, or portion thereof, of assistance received through this scholarship program. I understand the teaching obligations outlined in this Teaching Agreement/Promissory Note apply to this and all previous awards made to me under the MTI Scholarship Program. I understand that this is a promissory note, which will obligate me to repay the scholarship, if I do not fulfill the teaching requirement described below. I realize that my failure to fulfill the teaching requirement will immediately convert this scholarship into an interest-bearing loan. Therefore, I will either teach or pay ISAC, or its designee, a sum equal to the scholarship assistance received plus interest and costs. I have read, understood, and agreed to the terms and conditions outlined in this Teaching Agreement/Promissory Note. I also understand that I may cancel this scholarship, without any cost, by returning all proceeds that were issued for my benefit, provided that the proceeds are returned prior to the end of the academic year in which they were received.
PROGRAM AGREEMENTS
- I agree to maintain eligibility for this scholarship by:
- enrolling on at least a half-time basis as an undergraduate or graduate student at an Illinois qualified postsecondary institution of higher learning;
- being enrolled at a qualified Illinois Institution of higher learning in a course of study which, upon completion, qualifies me to be certified as a preschool, elementary or secondary school teacher by the Illinois State Board of Education (ISBE), including alternative teacher certification;
- maintaining a cumulative grade point average (GPA) of 2.5 on a 4.0 scale;
- maintaining satisfactory academic progress as determined by my college;
- not being in default on any student loan, nor owing a refund on any state or federal grant;
- not having previously received funds from the MTI Scholarship Program for the equivalent of four academic years, which is the program maximum; and
- not receiving funds from the Illinois Future Teacher Corps (IFTC) or Illinois Special Education Teacher Tuition Waiver (SETTW) programs during the same terms(s) for which I received funds from the MTI Scholarship Program.
- As an MTI recipient, I shall:
- teach in a nonprofit Illinois public, private, or parochial preschool, elementary school, or secondary school, at which no less than 30 percent of the enrolled students are African American/Black, Asian American, Hispanic American, or Native American students, as certified by ISBE;
- teach on a full-time equivalent basis for one year in return for each full year, or portion thereof, of assistance received through this program;
- begin teaching within one year following the completion of the postsecondary education degree or certificate program for which the scholarship was awarded, and teach continuously until teaching requirement is fulfilled;
- provide ISAC, as it requires, evidence of compliance with the program requirements.
- I agree that, if I fail to meet the conditions for maintaining eligibility, or if ISAC determines that I ceased to pursue a postsecondary degree for which the scholarship was received, I shall:
- repay the amount of the scholarship(s) received, prorated according to the teaching obligation not completed, as determined by ISAC;
- pay a simple per annum interest charge on the outstanding principal;
- pay, if I fail to make payments when they are due, all charges incurred for the collection and/or enforcement of this note, including, but not limited to, reasonable attorney’s fees and collection costs as determined by ISAC.
- I will comply with all ISAC rules and agree to inform ISAC in writing within ten days of any changes affecting my enrollment status, name or address.
- I authorize ISAC to obtain enrollment and address information from any of the officers or agents of the postsecondary school in which I plan to become enrolled, am enrolled, or was enrolled.
- I may appeal an ISAC administrative decision in accordance with 23 III. Adm. Code 2700.70.
EXTENSIONS OF TEACHING REQUIREMENTS
- The teaching requirement may be extended if I am:
- serving, for not more than three years, as a member of the United States Armed Forces;
- enrolled full time as a graduate student in a course of study related to my field of teaching at an institution of higher learning;
- temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a licensed physician;
- actively seeking but unable to find full-time employment as a teacher at a nonprofit Illinois public, private or parochial preschool, elementary or secondary school, at which no less than 30 percent of the enrolled students are minority students as certified by ISBE, for a single period not to exceed two years in duration;
- taking additional courses, on at least a half-time basis, needed to obtain certification as a teacher in Illinois;
- fulfilling teaching requirements associated with other programs administered by ISAC if I cannot concurrently fulfill the requirement in a period of time equal to the length of the teaching obligation.
- In order to qualify for any of these extensions, I must provide written evidence of my eligibility and request ISAC to approve my extension.
REPAYMENT
- I agree that, if my scholarship converts to a loan, I shall:
- enter repayment status on the earliest of the following dates: (1) the first day of the first calendar month after I have ceased to pursue a course of study leading to certification as a teacher at the preschool, elementary or secondary level, but not before six months have elapsed after the cessation of at least half-time enrollment in such a course of study; (2) the date that I inform ISAC that I do not plan to fulfill the teaching obligation; (3) the latest date upon which I must have begun teaching in order to complete the teaching requirement;
- make payments to ISAC, or its designee, which cover principal, interest and collection costs according to a schedule established by ISAC, and which calls for complete repayment within ten years after I enter repayment status.
- ISAC will not require payments amounting to more than $1,200 annually, unless higher payments are needed to complete the entire repayment within the ten-year period described above.
- ISAC may agree to accept a lesser amount because of my documented, extenuating financial circumstances.
INTEREST
- The interest rate for repayment of an MTI Scholarship shall be equal to five percent (5%).
- Interest charges begin to accrue on the date that my repayment obligation begins.
REPAYMENT DEFERMENTS
- I may temporarily postpone the repayment obligation during the time I am:
- serving, for not more than three years, as a member of the United States Armed Forces;
- temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a licensed physician;
- pursuing a graduate course of study and enrolled on a full-time basis for one continuous period of time not to exceed three years;
- actively seeking and unable to find full-time employment for one continuous period not to exceed two years;
- withdrawn from a course of study leading to certification as a teacher but remain enrolled full time in another academic discipline, as an MTI recipient.
- In order to qualify for any of these deferments, I must provide written evidence of my eligibility and must request ISAC to approve my deferment.
- During the time I qualify for any of the deferments described above, I need not make payments and interest does not accrue.
- I understand that ISAC may extend the ten-year repayment period by the length of time that I meet any of the deferment conditions.
REPAYMENT CANCELLATION
- ISAC will cancel my repayment obligation if it determines that:
- I have become totally and permanently disabled, on the basis of a sworn affidavit of a licensed physician;
- I have died, on the basis of a death certificate provided by the executor (or the executor’s designee) of my estate.
DEFAULT
- This note shall, at ISAC’s option, become immediately due and payable if:
- I fail to make principal payments when due, or any installment of interest, unless ISAC agrees to allow the accrued interest to be capitalized as part of the principal amount;
- I file a petition for bankruptcy;
- I make a false representation in any material respect on any ISAC application.
- In the event of acceleration, interest shall continue to accrue on any unpaid balance.
- I hereby waive demand and presentment of payment and notice of dishonor.
|
|
|
|
