IL HB2649

Creates the Safety-Net Hospital Service Loan Forgiveness Program Fund and requires the Department of Healthcare and Family Services to establish a loan repayment program for physicians and medical residents in specified specialties (family practice, internal medicine, obstetrics and gynecology, pediatrics, psychiatry).

Eligible physicians and medical residents must agree by contract to a minimum 3-year full-time service obligation at a Safety-Net Hospital and submit an application; the Department shall give preference to applicants with diverse cultural competencies.

Department shall make annual loan repayment disbursements up to a maximum of 4 years, equivalent to 35% of average educational debt for indebted graduates in the participant's profession, not exceeding the balance of qualifying educational loans.

Participants must complete annual confirmation of practice forms and provide verification that loan repayment disbursements are applied to designated loans before receiving subsequent disbursements.

If a participant fails to fulfill the 3-year service commitment, the Department shall collect the total amount paid plus interest and deposit funds into the Safety-Net Hospital Service Loan Forgiveness Program Fund; the Department may waive penalties for emergency circumstances.