Illinois Compiled Statutes 110 ILCS 932/40 – Failure to fulfill obligations
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(a) Loan repayment recipients under the Repayment Program who fail to meet the obligations set forth in this Act and outlined in the signed agreement with the Department shall pay to the Department a sum of no less than 1.5 times the amount of the annual loan repayment for each year the recipient fails to fulfill the obligation, plus interest at the rate of 7% annually. Repayment to the Department shall be made as a lump sum payment or over a period of no more than 6 years with interest compounded over that period. An individual who fulfills a portion of his or her obligation may have his or her repayment amount adjusted accordingly by the Department.
(b) Scholarship recipients under the Scholarship Program who fail to meet the obligations set forth in this Act and outlined in the signed agreement with the Department shall pay to the Department a sum of no less than 1.5 times the amount of the annual scholarship grant for each year the recipient fails to fulfill the employment obligation, plus interest at the rate of 7% annually. Repayment to the Department shall occur as a lump sum payment or over a period of no more than 6 years with interest compounded over that period. An individual who fulfills a portion of his or her obligation may have his or her repayment amount adjusted accordingly by the Department.
(c) Moneys paid to the Department under this Section shall be used by the Department to support awards, scholarships, and Department operations related to the awards and scholarships authorized under this Act.
(d) A waiver or deferment request of a recipient’s obligation under this Act may be submitted to the Department for consideration. The request must be submitted in writing and shall be consistent with criteria that are in place for waiver or deferment from obligations in other State health care loan repayment programs.
(e) The Department may allow an individual who completes a different course of study or pursues a different health care profession to meet his or her obligations under his or her original application if he or she submits the request in writing along with any other information requested by the Department and continues to meet his or her obligations under this Act.
(b) Scholarship recipients under the Scholarship Program who fail to meet the obligations set forth in this Act and outlined in the signed agreement with the Department shall pay to the Department a sum of no less than 1.5 times the amount of the annual scholarship grant for each year the recipient fails to fulfill the employment obligation, plus interest at the rate of 7% annually. Repayment to the Department shall occur as a lump sum payment or over a period of no more than 6 years with interest compounded over that period. An individual who fulfills a portion of his or her obligation may have his or her repayment amount adjusted accordingly by the Department.
Terms Used In Illinois Compiled Statutes 110 ILCS 932/40
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) Moneys paid to the Department under this Section shall be used by the Department to support awards, scholarships, and Department operations related to the awards and scholarships authorized under this Act.
(d) A waiver or deferment request of a recipient’s obligation under this Act may be submitted to the Department for consideration. The request must be submitted in writing and shall be consistent with criteria that are in place for waiver or deferment from obligations in other State health care loan repayment programs.
(e) The Department may allow an individual who completes a different course of study or pursues a different health care profession to meet his or her obligations under his or her original application if he or she submits the request in writing along with any other information requested by the Department and continues to meet his or her obligations under this Act.