HIGHER ED-LOAN FORGIV-TEACHER

Amends the Higher Education Student Assistance Act. Creates the STEM Teachers Loan Repayment Program to encourage academically talented Illinois students to enter and continue teaching in Illinois schools in the fields of science, technology, engineering, and mathematics. Requires the Illinois Student Assistance Commission to administer the program. Subject to a separate appropriation made for such purposes, provides that each year the Commission shall award a grant to each qualified applicant in an amount equal to the amount of higher education loans he or she must repay that year. Provides that an applicant must agree to teach in a public secondary school in this State in the field of science, technology, engineering, or mathematics for a period of at least 5 years beginning with the first year of acceptance of a grant. Provides for repayment of the grant amount if a grant recipient fails to fulfill this teaching requirement. Effective July 1, 2009.