HB4048 - HIGHER ED-OFFICER LOAN REPAY

7 Co-Sponsors

Amends the Higher Education Student Assistance Act. Provides that the Illinois Student Assistance Commission shall establish the Returning Police Officers Loan Repayment Assistance Program to assist police officers who have left law enforcement with repayment of student loans and in order to help place officers into areas of the State who are the most under-staffed and in need of additional officers. Sets forth qualifications for applicants. Provides that each award under the Program shall be equal to $6,000 per year (i) for up to 5 years or (ii) until the applicant's student loans are paid off, whichever is sooner. Provides that an applicant has one year from the date that the first student loan assistance payment is received to begin work in a shortage area. Provides that applicants currently working in shortage areas are eligible for the Program, but those who left law enforcement due to reasons other than retirement or a permanent disability shall be given priority for the Program. Provides for rulemaking. Effective July 1, 2024.