Student Loans in Illinois - Federal student financial aid

Student Financial Assistance in Illinois

The Illinois Student Assistance Commission (ISAC), as the state non-profit financial aid agency, administers state scholarship, grant, loan repayment and other programs. There are no state loans available. It?s important to note that the ISAC administers some federal financial aid as well (Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant, Work-Study, Federal loans).

Illinois Loan Repayment Programs

Important definitions: Applicants must meet the state residency requirements to be eligible. For better understanding, we provide you with the two definitions of Illinois residents.

• A dependent student is considered an Illinois resident if the parent who is required to complete the Free Application for Federal Student Aid (FAFSA) physically resides in Illinois and the state is his/her true, fixed, and permanent home at the time the initial FAFSA is filed or if Illinois becomes the parent?s true, fixed, and permanent home after the initial FAFSA is filed.
• An independent student is considered an Illinois resident if he/she physically resides in Illinois for 12 continuous full months immediately prior to the start of the academic year and Illinois is his/her true, fixed, and permanent home.

Note: For more information about dependency status, please, visit the appropriate section of the ISAC?s website (see ?Reference?).

Nurse Educator Loan Repayment Program

The program is designed to address the shortage of nurses and the lack of instructors to staff courses teaching nursing in Illinois. It allows nurse educators working within the state to receive annual awards of up to $5,000 for a maximum of four (4) years to repay their loan debts.

To be eligible, you must:

• Be a U.S. citizen or an eligible non-citizen (citizenship is determined by the United States Citizenship and Immigration Services (USCIS) in the Department of Homeland Security (DHS);
• 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 educator who meets licensing requirements of the Illinois Department of Financial and Professional Regulation;
• Have worked as a nurse educator instructing practical or professional nurses in an approved Illinois institution* for at least the past 12 consecutive months;
• 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).

Note: The complete list of approved Illinois institutions for this program (PDF).

Nurse Educator Loan Repayment Program Application contains five sections: borrower information, loan repayment request and certification, required documentation, general information, eligibility and the contact info section. Pay attention to each field and make no mistakes while completing.

To apply, it?s required to submit a complete application to ISAC?s Deerfield office. Students can download applications online (see ?References?) or receive them at eligible higher education institutions that have nursing programs. It?s important to fill out all the fields in your application form correctly and completely. In case, your application is incomplete ? you will be notified and asked to provide missing details. Keep in mind, incomplete applications will not be processed until the ISAC?s office?s not received all required information from applicants. You must apply each year you want to receive an award.

Veterans? Home Nurse Loan Repayment Program

The program provides awards to encourage nurses to work at State of Illinois veterans? homes. Applicants can receive up to $5,000 for a maximum of four (4) 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).

To apply, you need to download or request an application at ISAC?s Deerfield, Springfield and Chicago offices and submit it. Submit your application each year you want to apply for the program.

State of Illinois Financial Aid Programs

The Illinois Student Assistance Commission (ISAC) also administers grant and scholarship programs. There are scholarships and tuition waiver programs for teachers. The following list contains information on popular state programs:

• Monetary Award Program (MAP)
• Silas Purnell IL Incentive for Access
• Illinois Veteran Grant (IVG)
• Illinois National Guard Grant (ING)
• Grant Program for Dependents of Police or Fire Officers
• Bonus Incentive Grant (BIG) Program
• Illinois State Scholars Program (ISSP)
• Merit Recognition Scholarship? (MRS)
• And others.

Teacher Programs:

• IL Future Teacher Corps Program (IFTC)
• Minority Teachers of Illinois Scholarship? (MTI)
• IL Special Ed. Teacher Tuition Waiver (SETTW)

Note: For more detailed information, please, visit the official website which is provided in the reference list.

Contact Information

Illinois Student Assistance Commission
1755 Lake Cook Road
Deerfield, IL 60015-5209
Phone: 800.899.ISAC (4722)
E-mail: isac.studentservices@isac.illinois.gov
Fax: 847.831.8549

References
ISAC ? Pay for college
Applications
Dependency status information

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