Bill > HB5491

This bill amends the Workforce Development through Charitable Loan Repayment Act to update the definition of a "qualified community foundation," which is a type of organization that can help repay student loans for certain workers. Previously, a qualified community foundation had to substantially comply with national standards for U.S. community foundations. Now, the bill introduces a phased approach to accreditation: for applications submitted before July 1, 2025, organizations must still substantially comply with these national standards; for applications or renewals between July 1, 2025, and July 1, 2026, they must have either received or applied for the accreditation seal; and for applications or renewals on or after July 1, 2026, they must have officially received the accreditation seal. This change aims to encourage community foundations to formally seek and obtain accreditation, ensuring they meet established standards for operation and public support, thereby strengthening the program designed to support qualified workers with educational debt.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5491&GAID=18&DocTypeID=HB&SessionID=114&GA=104