Springfield, Ill. – To help Illinois students reduce their student loan debt, state Rep. Katie Stuart, D-Edwardsville, has filed a measure that allows qualifying borrowers to participate in a loan repayment assistance program.
“Our students are graduating with higher levels of student debt than in the past, and these high debt levels impact well into their future, impacting their ability to start careers, purchase homes, and even start families,” said Stuart. “The repayment program is for students who commit to living and working in the state after their education, and to help Illinois retain talented students and workers.”
Stuart filed House Bill 4205, which allows students who graduate from an Illinois high school and subsequently complete a higher education program and then live and work in Illinois for at least four years to apply for loan repayment. The amount of repayment available is higher for those who complete their studies in Illinois. Eligible borrowers will be able to apply each year for the repayment assistance program for a maximum $15,000 for student who attended universities outside of the state and $30,000 for those who attended and Illinois institution of higher education.
“Students’ decisions about opportunities of living, working and getting an education are impacted by their loans and opportunities for repayment,” continued Stuart. “This legislation incentivizes our high school students to attend a college in the state of Illinois, and retains quality workers in our local economies. It will help to keep our students in Illinois and bring back students who may attend college outside the state to work and live in Illinois.”