Veterans' Home Nurse Loan Repayment Program
The number of awards made through this program, as well as the individual dollar amount awarded, are subject to sufficient annual appropriations by the Illinois General Assembly and the Governor.
Fiscal year 2015
The FY2015 appropriation for the Veterans Home Nurse Loan Repayment Program is $30,000.
Although all appropriated funds for this program have been awarded ISAC continues to accept Veterans’ Home Nurse Loan Repayment Program applications for the 2015 fiscal year. The Veteran’s Home Nurse Loan Repayment Program application for the 2015 fiscal year (July 1, 2014-June 30, 2015) is available to print from the Application, Forms and Brochures page.
Individuals who choose to do so may submit applications, with the understanding that these applications will only be considered for awarding if additional funding becomes available. Those choosing to submit an application will receive a letter acknowledging that is has been received by ISAC, along with a statement regarding the program's current funding status; no further communication will be sent unless funds become available. If additional awarding takes place, it would be done on a “first-come, first-served basis,” based on the date the complete application (with all required documentation) is received at ISAC's Deerfield office.
The Veterans' Home Nurse Loan Repayment Program provides for the payment of eligible educational loans as an incentive for nurses to pursue and continue their careers at State of Illinois veterans' homes. The annual award to qualified registered professional nurses and licensed practical nurses may be up to $5,000 (based on the borrower’s remaining balance on eligible educational loans) to repay their student loan debt. This award may be received for up to a maximum of four years.
In order to qualify for the Veterans’ Home Nurse Loan Repayment Program, applicants must:
- Be a U.S. citizen or an eligible non-citizen (FSA Handbook Volume 1, chapter 2)
- Be an Illinois resident
- Have an outstanding balance due on an eligible educational loan (includes Stafford Loans, Graduate PLUS Loans, consolidation loans, nursing student loans, Supplemental Loans for Students, alternative loans, and other types of government and institutional loans used for nursing education expenses)
- Be a nurse who meets licensing requirements of the Illinois Department of Financial and Professional Regulation
- Be a nurse who has completed the prescribed employment probationary period and whose employment is in good standing as determined by the Illinois Department of Veterans' Affairs
- For each year during which an award is received, fulfill a separate 12 month period as a registered professional nurse or licensed practical nurse in an approved State of Illinois veterans' home (approved veterans' homes for purposes of this program are located in Anna, LaSalle, Manteno and Quincy, Illinois)
- Not be in default on any federal guaranteed educational loan, nor owe a refund on any scholarship or grant program administered by the Illinois Student Assistance Commission (ISAC).
All applicants must submit a complete Veterans’ Home Nurse Loan Repayment application to ISAC each year. The Veterans’ Home Nurse Loan Repayment application is available to print from this website and at all Illinois approved institutions that have practical or professional nursing programs.
All applicants should review the General Information and Instructions and the Eligibility Requirements sections on the second page of the application before signing the Borrower’s Loan Repayment Request and Certification in Section 2. The administrator of the veterans’ home where the applicant is employed must complete Section 3. The following required document must be submitted with the completed application:
- A copy of the statement from the institution(s) currently holding the eligible loan(s) that shows the outstanding balance on the account to which these proceeds are to be applied.
- If the applicant is a prior recipient, a copy of the payment history from the last institution(s) to which the Veterans’ Home Nurse Loan Repayment proceeds were paid. The Veterans’ Home Nurse Loan Repayment payment transaction must be clearly identified.
If the application is incomplete, a letter will be sent to the applicant to request the missing information. Processing cannot take place prior to the date a complete application is received in ISAC's Deerfield office.
Renewal applicants must submit an application each year, and may also be required to submit a history of prior awards in order to demonstrate that program proceeds were used for eligible educational loans.
Return the completed original application and required documentation to:
Illinois Student Assistance Commission
Attention: Compliance D-4
1755 Lake Cook Road
Recipients are selected from among qualified new and renewal applicants. The total number of awards each year is contingent upon available funding. If funding in any given year is insufficient to pay all eligible applicants, awarding will be based on the date the complete application (with all required documentation) is received at ISAC's Deerfield office. Preference may be given to renewal applicants provided that the recipient continues to meet the eligibility requirements.
The award amount is based on the applicant's remaining balance on eligible education loans, not to exceed $5,000 per year. Proceeds will be remitted in multiple disbursements directly to the holder of the loan(s) to be repaid.