Sec. 20. Maximum loan time period; maximum loan amount.
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/il/chapter-110/act-923/20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 20. Maximum loan time period; maximum loan amount.
(a)Subject to appropriation, an undergraduate forgivable loan may be awarded for a maximum of 2 academic years. The amount of this loan shall not exceed $4,000 per year.
(b)Subject to appropriation, a graduate forgivable loan may be awarded for a maximum of 2 academic years. The amount of this loan shall not exceed $8,000 per year.