Loan Forgiveness and Repayment Programs
The number of awards made through programs administered by ISAC, as well as the individual dollar amount awarded, are subject to sufficient annual appropriations by the Illinois General Assembly and the Governor.
The State of Illinois offers help with student loan repayment for Illinois residents who qualify based on certain eligibility requirements. Typically, qualifying borrowers are those who have made an obligation to work in Illinois for a specific amount of time in a field that has experienced a shortage of workers (for example, teaching or nursing).
Illinois Loan Repayment/Forgiveness Programs
- Illinois Teachers Loan Repayment Program
- John R. Justice Student Loan Repayment Program
- Nurse Educator Loan Repayment Program
- Veterans' Home Medical Providers' Loan Repayment Program
In addition to these ISAC-administered programs, your entire student loan (or a portion of your obligation) may be cancelled (forgiven) by the federal government under certain circumstances. Federal programs include the Stafford Loan Forgiveness Program For Teachers and the Public Service Loan Forgiveness Program (for Federal Direct loan borrowers). Contact your loan holder (lender) to obtain the forms needed to apply for federal loan forgiveness programs.
Most branches of the U.S. Armed Forces have loan repayment programs. Specific details can be found at their respective websites or from your local recruiter.
Additionally, the Illinois Department of Public Health provides funds to repay educational loans through its Illinois National Health Service Corps State Loan Repayment Program.