IL SB3573

Creates the Loan Repayment Assistance for Licensed Health Care Professionals Act, administered by the Illinois Student Assistance Commission, with establishment deadline of July 1, 2010.

Provides educational loan repayment assistance grants to licensed health care professionals (dentists, nurses, optometrists, physicians, and psychologists) employed full-time by the Department of Corrections or Department of Juvenile Justice.

Eligible applicants must be U.S. citizens or permanent residents, Illinois residents, currently repaying educational loans, and agree to work for one of the specified departments for 3 years.

Commission may award annual grants equal to the amount of educational loan repayment due each year for qualified applicants, with up to 5% of appropriations available for program administration and promotion.

Recipients who fail to complete 3 years of full-time practice with the specified departments must repay all grants received plus interest to the Commission.