Illinois Teachers Loan Repayment Program: Benefits and Eligibility
Financial Assistance for Educators
The Illinois Teachers Loan Repayment Program is designed to attract and retain high-quality educators by providing financial assistance to those who have student loan debt. This program encourages academically talented Illinois students to pursue careers in teaching by offering loan forgiveness for those who commit to teaching in understaffed schools.
Eligibility Requirements
To qualify for the Illinois Teachers Loan Repayment Program, applicants must meet the following criteria:
- Be a U.S. citizen or permanent resident
- Be a graduate of an accredited teacher preparation program
- Have a valid Illinois teaching license
- Be employed full-time as a teacher in an Illinois public school for at least five consecutive years
- Have a minimum of $5,000 in outstanding student loan debt
Loan Forgiveness Amounts
The amount of loan forgiveness available through the Illinois Teachers Loan Repayment Program varies depending on the subject area and the location of the school where the teacher is employed. Teachers who teach in critical shortage areas, such as special education, math, and science, may receive up to $5,000 in loan forgiveness per year. Teachers who teach in high-need schools may receive up to $10,000 in loan forgiveness per year.
Additional Benefits
In addition to loan forgiveness, the Illinois Teachers Loan Repayment Program also offers a number of other benefits for teachers, including:
- Mentoring and support from experienced educators
- Professional development opportunities
- Opportunities for advancement within the teaching profession
How to Apply
Applications for the Illinois Teachers Loan Repayment Program are available online at the Illinois Student Assistance Commission website. The deadline for applications is typically in the spring of each year.
Conclusion
The Illinois Teachers Loan Repayment Program is a valuable resource for educators who are committed to teaching in understaffed schools. This program provides financial assistance, professional support, and opportunities for advancement to help teachers succeed in their careers.
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