Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2753 - COMMUNITY BEHAVIORAL HEALTH CARE PROFESSIONAL LOAN REPAYMENT PROGRAM
Section 2753.30 - Program Procedures
Current through Register Vol. 48, No. 52, December 27, 2024
a) Eligible educational loans include:
b) Non-eligible loans include:
c) All applicants annually must complete an ISAC application for the loan repayment program.
d) Grant assistance under this program may be received for up to 4 years.
e) ISAC shall select the recipients from among those who have submitted complete applications, including qualified new applicants and those who filed timely renewal applications and have supplied information required in subsection (c).
f) No less than 30% of the funding for grants under this Section each fiscal year shall be reserved for awards to minority applicants of African American or Black, Hispanic or Latinx, Asian, or Native American origin. If the Commission does not receive enough applications from qualified minorities on or before January 1 of a given fiscal year to award 30% of the funding to qualified minority applicants, then the Commission may award a portion of these reserved funds to other qualified applicants. [110 ILCS 996/25]
g) The total number of grants awarded in a given fiscal year and the amount of each award as limited by subsection (f) is contingent upon available funding. If funding is insufficient to pay all eligible applicants, awarding will be determined in the following order:
h) The amount repaid by ISAC to the grantee shall be no more than the borrower's remaining balance on all eligible educational loans minus any grant payment made under this Part that was not used to pay the loan holder and shall not exceed:
i) Proceeds will be remitted directly to the holder of the loans to be repaid when the beneficiary designates ISAC as the disbursing agent for this purpose.
j) The recipient and loan holder shall submit information for eligible educational loans in sufficient time for ISAC to make payments for each year in which the funds are awarded.
k) If the recipient's loan holder receives an overpayment, the loan holder shall return the amount of the overage to ISAC. A supplemental request must be made by the recipient and processed by ISAC for any funds to be paid to another holder.
l) When multiple loans are held by a single lending institution, the loan holder shall distribute the payment to one loan until paid in full.
m) When possible, all loans held at a single lending institution shall be paid in full before monies are distributed to another loan holder.