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.
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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 to repay their student loan debt. This award may be received for up to a maximum of four years.
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, 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).
Each year you wish to apply for this program, you must submit a Veterans' Home Nurse Loan Repayment Application to ISAC. You may download and print an application here. Applications are also available at all State of Illinois veterans' homes and at ISAC's Deerfield, Springfield and Chicago offices. 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.
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. Release of funds could take up to four weeks, depending on the volume of payment vouchers being processed by the State of Illinois Comptroller’s Office. Proceeds will be remitted in multiple disbursements directly to the holder of the loan(s) to be repaid.
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 2016 Fiscal Year
(last updated on February 9, 2016):
Please note that the state budget that funds the Veterans’ Home Nurse Loan Repayment Program has not yet been finalized by the Illinois General Assembly and governor. As a result, it is not known how much funding, if any, this program will receive. ISAC is not accepting Veterans' Home Nurse Loan Repayment Program applications for the 2016 fiscal year (July 1, 2015 – June 30, 2016) at this time. Be sure to regularly visit this page for the latest updates regarding the status of the budget and program funding.