Synopsis As Introduced Amends the Higher Education Student Assistance Act. Creates the Illinois Teacher Loan Repayment Fund. Provides that moneys in the Fund shall be used by the Illinois Student Assistance Commission for the purpose of making grants under the Illinois Teachers and Child Care Providers Loan Repayment Program. Amends the Illinois Income Tax Act. Creates a deduction for individuals, trusts, estates, partnerships, and corporations in an amount equal to the amount of donations made by the taxpayer to the Illinois Teacher Loan Repayment Fund during the taxable year. Amends the State Finance Act to make conforming changes. Effective immediately.