IL HB0738

Creates the STEM Teachers Loan Repayment Program administered by the Illinois Student Assistance Commission to encourage academically talented students to teach science, technology, engineering, and mathematics in Illinois public secondary schools.

Awards annual grants to qualified applicants equal to the amount of higher education loans they must repay that year, subject to separate appropriation.

Requires grant recipients to agree to teach in a STEM field in Illinois public secondary schools for at least 5 years starting with the first year of grant acceptance.

Obligates grant recipients who fail to fulfill the 5-year teaching requirement to repay all grants received plus 5% annual interest, except in cases of death or legal disability.

Takes effect July 1, 2009, with the Illinois Student Assistance Commission authorized to use up to 5% of appropriated funds for program administration and promotion.