Section 575.500  Review of Application and Notification of Loan Award

a)         Applications shall be reviewed for completeness.  If an application is incomplete, then State Board of Education staff shall request the needed information from the applicant no later than 20 calendar days following receipt of the application.  Applications will not be processed until all requested information is received.

b)         All complete applications that demonstrate compliance with Section 2-3.117a of the School Code and this Subpart shall be approved for funding on a first come, first served basis, as long as funds appropriated for a given fiscal year remain available. Loan award determinations shall be made on December 15  of each fiscal year.

c)         Notification of a loan award shall be made no later than 15 calendar days following the award determination date established in subsection (b) of this Section.  Applications not approved for funding on or before December 15 of the fiscal year in which the application was made shall expire.

d)         Applications received after the December 1 deadline in a given fiscal year shall not be considered for funding in that fiscal year and shall be returned to the applicant.

e)         Applicants otherwise eligible but not receiving loans due to insufficiency of the appropriation shall receive first consideration in the next fiscal year in which the grade levels specified on the application shall be eligible for funding.

(Source:  Amended at 28 Ill. Reg. 13227, effective September 17, 2004)