Through the Illinois Veterans Home Medical Provider Loan Repayment Program, qualifying applicants may be able to get some student loan assistance by offering to take care of our veterans. This program provides for the payment of eligible educational loans as an incentive for medical providers to pursue and continue their careers at State of Illinois veterans’ homes. Continue reading to see what you will need in order to be eligible for this program.
In order to be eligible for this program, you will need to meet all of the following criteria:
- You MUST be a U.S. Citizen or an eligible non-citizen
- You MUST be a Illinois resident
- Have an outstanding balance due on an eligible educational loan (includes Stafford Loans, Graduate PLUS Loans, consolidation loans, Supplemental Loans for Students, alternative loans, and other types of government and institutional loans used for medical education expenses)
- Be a medical provider who meets licensing requirements of the Illinois Department of Financial and Professional Regulation or a certified nursing assistant who passed the state-specified examinations to be fully certified
- Be a medical provider 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 physician, certified nurse practitioner, registered professional nurse, certified nursing assistant 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).
For a full breakdown of these requirements head over to the official Illinois Veterans’ Home Medical Provider Loan Repayment Program website.
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.