Ill. Admin. Code tit. 77, § 582.120 - Loan Repayment Agreement
a) The loan
repayment award to a recipient will not be final until the recipient and the
Department have executed a loan repayment agreement setting forth the terms and
conditions of the agreement, using the form prescribed by the Department. The
Department will retract the loan repayment award if a consensus cannot be
reached on the terms of the agreement.
b) Pursuant to the Illinois Grant Funds
Recovery Act, the agreement shall, at a minimum:
1)
Describe the purpose of
the award and be signed by the Department and the
recipient;
2)
Specify how
payments shall be made, what constitutes permissible expenditure of
award funds, and the financial controls applicable to the
award, including, for those awards in excess of
$25,000, the filing of quarterly reports describing the recipient's
progress in the program, project, or use and the
expenditure of the award funds related to the
program, project or use;
3)
Specify the period of time for
which the award is valid and the period of time during
which award funds may be expended by the
recipient;
4)
Contain a provision that any recipients
receiving award funds are required to permit
the Department, the Auditor General or the Attorney General to
inspect and audit any books, records or papers related to the program, project,
or use for which award funds are provided;
5)
Contain a provision in which
the recipient certifies under oath that all information in
the loan repayment agreement is true and correct to the best
of the recipient's knowledge, information and belief; that all
funds shall be used only for the purposes described in the loan
repayment agreement; and that the award of loan repayment
funds is conditioned upon the certification.
(Section 4(b) of the Illinois Grant Funds Recovery Act)
c) The amount of a loan repayment award shall
be based on the following:
1) If the health
care professional works full-time at a medical facility for an initial two-year
period, the health care professional can receive up to $50,000 if the health
care professional has that amount in educational debt;
2) If the health care professional works the
initial four-year half-time option at a medical facility, the health care
professional can receive up to $50,000 if the health care professional has that
amount in educational debt;
3) If
the health care professional works full-time for one year (after completion of
the initial agreement), the health care professional can receive up to $20,000
if the health care professional has that amount of educational debt.
d) Awards may be issued for an
additional period of time based upon successful completion of the initial
agreement.
Notes
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