IL HB0024

Creates the Not-For-Profit Organization Minority Employee Loan Repayment Assistance Program administered by the Illinois Student Assistance Commission to provide loan repayment assistance to minority employees working at not-for-profit organizations.

Defines eligible minority employees as U.S. citizens or lawful permanent residents employed by not-for-profits who are American Indian/Alaska Native, Asian, Black/African American, Hispanic/Latino, or Native Hawaiian/Pacific Islander.

Provides maximum assistance of $5,000 per year up to $25,000 total per participant in the form of forgivable loans requiring one year of employment and eligible debt payments equal to the assistance received.

Establishes the Not-For-Profit Organization Minority Employee Loan Repayment Assistance Fund as a special fund in the State treasury to be used for the program, subject to appropriation.

Requires participants who become ineligible to repay outstanding loan amounts, with the Commission having discretion to forgive loans in whole or part under specified circumstances.