IL SB0309

Creates the Teacher Loan Repayment Program administered by the Illinois Student Assistance Commission to encourage talented students to teach in Illinois public schools and work in early childhood care in low-income areas.

Grants eligible applicants 10% of their remaining student loan balance each year for up to 5 years or until 50% of their initial outstanding loan balance is forgiven, whichever comes first.

Requires qualified applicants to be U.S. citizens or eligible noncitizens, Illinois residents, and have outstanding student loans.

Commission shall receive and consider loan forgiveness applications annually, subject to separate appropriation for program funding.

Effective July 1, 2024.