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

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 (PSLF) (for Federal Direct loan borrowers). If you work or have worked in public service, recent temporary changes to PSLF could be beneficial to you. Because these changes are temporary, it’s important that you do not delay in getting the information you need about whether you are eligible for this forgiveness program. ISAC is offering webinars on PSLF and the temporary changes, and assistance to those who have questions or need help in determining their eligibility and applying for PSLF. Visit our PSLF webpage.

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.