Section 577.330  Loan Repayment Awards

a)         Under the program, for each year that a qualified applicant who is selected as a recipient practices full time in Illinois as a psychiatric physician, the Department shall, subject to appropriation, award a grant to that person in an amount equal to the amount in educational loans that the person must repay that year.  However, the total amount in grants that a person may be awarded under the program shall not exceed $25,000.  The Department shall require recipients to use the grants to pay off their educational loans.

b)         Payments under this program may be made for the principal, interest, and related expenses of government and commercial loans received by the individual for tuition expenses and all other reasonable educational expenses incurred by the individual. (Section 15(7) of the Act)

c)         When qualified applications are available to support a geographical separation into urban and rural groupings, an equal number of applicants will be selected from each of the groups.

d)        When appropriations are insufficient to provide loan repayment to all qualified applicants, awards will be prorated.

e)         Applications shall be accepted between July 1 and September 30 of each calendar year.  If all funds are not expended, subsequent applications will be evaluated individually as received.