SB1453 Summary: Graduate and Retain Our Workforce Act

• Establishes the GROW Illinois Program to award forgivable incentive loans to Illinois resident students enrolled full-time in public institutions of higher education pursuing degrees in high-demand fields.

• Requires students to complete at least one semester (for associate degrees) or two semesters (for bachelor's degrees) of coursework and declare intent to work in a qualifying job in Illinois after graduation to receive incentive loans up to the cost of tuition, fees, and books.

• Commission selects five qualifying jobs every two years based on employment growth, job openings, wages in top 40% range, and requirement for associate or bachelor's degree; initially focuses on computer and information sciences-related majors.

• Incentive loans are forgiven at rate of one year per year worked in a qualifying job in Illinois after graduation; recipients who fail to graduate within six years or work in qualifying job must repay full loan amount.

• Creates the GROW Illinois Fund as a special state treasury fund to receive private donations and appropriated state funds for program administration and loan repayment; takes effect immediately upon enactment.