Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2757 - VETERANS' HOME MEDICAL PROVIDERS' LOAN REPAYMENT PROGRAM
Section 2757.30 - 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) The total number of grants awarded in a given fiscal year is contingent upon available funding. If funding is insufficient to pay all eligible applicants, awarding will be based on the date the completed application is received in ISAC's Deerfield office. Preference may be given to renewal applicants provided that the recipient continues to meet the eligibility requirements.
g) The amount repaid by ISAC to the loan holder shall be no more than the borrower's remaining balance on eligible educational loans and shall not exceed $5,000 per year.
h) Proceeds will be remitted directly to the holder of the loans to be repaid.
i) 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.
j) If the 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.
k) When multiple loans are held by a single lending institution, the loan holder shall distribute the payment to one loan until paid in full.
l) When possible, all loans held at a single lending institution shall be paid in full before monies are distributed to another loan holder.