LOAN REPAYMENT ASSISTANCE ACT

Creates the Loan Repayment Assistance Act. Requires the Illinois Student Assistance Commission to establish and administer a Loan Repayment Assistance Program for the purpose of providing loan repayment assistance to eligible applicants living and working in this State who have graduated from a high school located in this State and an institution of higher education located in this State or another state. On an annual basis, requires the Commission to receive and consider applications for loan repayment assistance under the Program and provide assistance if the Commission finds that the applicant (i) has graduated from a high school located in this State and from an institution of higher education located in this State or in another state as an undergraduate student with a cumulative grade point average of a 4.0 on a 4.0 scale, (ii) has been a resident of this State for at least 4 years after graduating from the institution of higher education, (iii) has been employed in this State for at least 4 years after graduating from the institution of higher education, and (iv) has eligible debt in grace or repayment status. Provides for the maximum amount of loan repayment assistance that may be provided. Provides that funds shall be distributed subject to the availability of appropriations. Sets forth requirements for loan forgiveness. Sets forth provisions concerning administration of the Program, ineligibility and the termination of funds, and other Commission powers. Amends the State Finance Act to create the Loan Repayment Assistance Fund as a special fund in the State treasury. Effective immediately.