Illinois Veterans’ Home Nurse Loan Repayment Program
To Be Eligible …
The Veterans’ Home Medical Providers’ Loan Repayment 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. The annual award to qualified physicians, certified nurse practitioners, registered professional nurses, certified nursing assistants and licensed practical nurses may be up to $5,000 to repay their student loan debt. This award may be received for up to a maximum of four years.
To be eligible, you must:
- Be a U.S. citizen or an eligible non-citizen
- Be an 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, certtified 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).
Recipients are selected from among qualified new applicants, as well as those who file timely renewal applications. The total number of awards each year is contingent upon available funding. If funding in any given year is insufficient to pay all eligible applicants, awarding will be based on the date the complete application (with all required documentation) is received at ISAC’s Deerfield office. Preference may be given to renewal applicants provided that the recipient continues to meet the eligibility requirements.
The award amount is based on the applicant’s remaining balance on eligible education loans, not to exceed $5,000 per year. Release of funds could take up to four weeks, depending on the volume of payment vouchers being processed by the State of Illinois Comptroller’s Office. Proceeds will be remitted in multiple disbursements directly to the holder of the loan(s) to be repaid.
Loans That Qualify
- Stafford loans
- Grad PLUS loans
- Consolidation loans
- Nursing Student Loans (NSL)
- Supplemental Loans for Students (SLS)
- Private student loans
- Institutional loans
- Perkins loans
- State loans
You must have borrowed loans for nursing education expenses.
You can find applications for this forgiveness plan here.