Bill Title: Amends the Higher Education Student Assistance Act. Creates the Teacher Loan Repayment Program. Provides that the Illinois Student Assistance Commission shall consider applications for forgiving portions of qualified applicant's education loans each year. Provides that 10% of the applicant's yearly loan balance shall be forgiven each year for 5 years or until 50% of the applicant's outstanding balance at the time of the initial application is paid off. Effective July 1, 2024.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments [SB0309 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Ram Villivalam [D]	Primary	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart
Senator Meg Loughran Cappel [D]	Cosponsor	Sponsored Bills	SD-049	FollowTheMoney	Ballotpedia	VoteSmart

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