IL SB3718

Creates the Teacher Loan Repayment Program administered by the Illinois Student Assistance Commission to encourage teachers and early childhood care professionals to work in low-income areas.

Provides annual loan forgiveness grants equal to 10% of a qualified applicant's remaining loan balance for up to 5 years or until 50% of the original outstanding balance is paid off.

Requires applicants to be U.S. citizens or eligible noncitizens, Illinois residents, and have outstanding student loans to qualify for the program.

Grants require recipients to teach at public school districts and must be funded through separate appropriation by the legislature.

Takes effect July 1, 2022.