Through the Illinois Teachers Loan Repayment Program, qualifying teachers may be able to get a grant to use towards paying off their student loans. This program has a few eligibility requirements that you must meet in order to fully qualify for the grant. Continue reading to see how you can qualify and how you can begin to pay down your student debt through this state-sponsored program.
In order to qualify for the Illinois Teachers Loan Repayment Program, you will need to meet the following criteria:
- You MUST be a U.S. Citizen or an eligible non-citizen
- You MUST be an Illinois resident
- You MUST have a balance remaining on your eligible student loans
- You MUST have fulfilled your five-year teaching obligation in an Illinois elementary or secondary school designated as a low-income school.
- Finally, you MUST be a borrower who has had a number of your educational loans forgiven under the federal government’s loans forgiveness programs.
For a full breakdown of what is needed through this program please head over to their official website here.
What is the award amount?
If these obligations are met by a Federal Stafford loan borrower who has qualified for the federal government’s loan forgiveness programs, Illinois may provide an additional matching award of up to $5000.00 to the qualifying teacher to repay their student loan debt. For a further breakdown of this program please check out their website.
How to apply?
In order to apply for the Illinois Teachers Loan Repayment Program, you will need to meet the above qualifications. Upon meeting the above criteria, you can head over to their website to fill out an application. You can find an application here or you can go to their website under the ‘How to Apply‘ section.