IL HB4205

Establishes the Loan Repayment Assistance Program administered by the Illinois Student Assistance Commission to provide loan repayment assistance to graduates of Illinois high schools and accredited institutions of higher education.

Requires applicants to have a 4.0 cumulative GPA, been Illinois residents for at least 4 years post-graduation, and been employed in Illinois for at least 4 years post-graduation.

Provides maximum assistance of $6,000 per year (up to $30,000 lifetime) for graduates of in-state institutions and $3,000 per year (up to $15,000 lifetime) for out-of-state institution graduates.

Distributes assistance as forgivable loans requiring participants to complete one year of residence and employment in Illinois and make educational debt payments equal to the assistance received annually.

Creates the Loan Repayment Assistance Fund as a special state treasury fund to be distributed subject to appropriations, with the Commission authorized to adopt rules and develop prioritization criteria for applicants.