ISAC Student PortalVeterans' Home Medical Providers' 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.
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Program Description
Eligibility
How to Apply (and Obtaining the Application)
How Funds Are Awarded and Disbursed
Processing Updates
The Veterans' Home Medical Providers' Loan Repayment Program provides for the payment of eligible educational loans as an incentive for medical providers to pursue and continue their careers at State of Illinois veterans' homes. The annual award to qualified physicians, certified nurse practitioners, registered professional nurses, certified nursing assistants and licensed practical nurses may be up to $5,000 to repay their student loan debt. This award may be received for up to a maximum of four years.
Eligibility
To be eligible, you must:
- Be a U.S. citizen or an eligible non-citizen
- Be an Illinois resident
- Have an outstanding balance due on an eligible educational loan (includes Stafford Loans, Graduate PLUS Loans, consolidation loans, Supplemental Loans for Students, alternative loans, and other types of government and institutional loans used for medical education expenses)
- Be a medical provider who meets licensing requirements of the Illinois Department of Financial and Professional Regulation or a certified nursing assistant who passed the state-specified examinations to be fully certified
- Be a medical provider 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 physician, certified nurse practitioner, registered professional nurse, certified nursing assistant or licensed practical nurse in an approved State of Illinois veterans' home (approved veterans' homes for purposes of this program are located in Anna, Chicago, 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).
How to Apply
Each year you wish to apply for this program, you must submit a Veterans' Home Medical Providers' Loan Repayment Program Application to ISAC. When it becomes available each year, the application may be accessed via the Applications page of this website. You must submit your application to ISAC's Deerfield office as indicated on the application. Allow at least four weeks for the processing of the application. Qualified applicants will be sent a Notice of Eligibility letter from ISAC.
If your application is incomplete, ISAC will notify you and you will have the opportunity to furnish missing information. Your application will be considered for processing as of the date it is complete and all required information has been received at 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.
How Funds Are Awarded and Disbursed
Recipients are selected from among qualified new applicants, as well as those who file timely renewal applications. 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. There is a minimum of 4-5 weeks turnaround from the date approved recipients are notified by ISAC to when funds are disbursed. Depending on the volume of payment vouchers being processed by the State of Illinois Comptroller’s Office, this timeframe may increase. Proceeds will be remitted in multiple disbursements directly to the holder of the loan(s) to be repaid.
Processing Updates
Note that ISAC routinely updates this section as new information becomes available. Be sure to check back periodically for the current processing status.
For the 2024 Fiscal Year
(last updated on August 1, 2023):
ISAC is accepting Veterans’ Home Medical Providers’ Loan Repayment Program applications for the 2024 fiscal year (July 1, 2023 – June 30, 2024).
Allow at least 4-6 weeks for the processing of the application, at which time you will be notified by ISAC regarding your eligibility status. There is a minimum of 4-5 weeks turnaround from the date approved recipients are notified by ISAC to when funds are disbursed. Depending on the volume of payment vouchers being processed by the State of Illinois Comptroller’s Office, this timeframe may increase.
