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School Technology Revolving Loan Program

The School Technology Revolving Loan Program (STRLP) is a 3 year loan with 2% interest rate. Since the inception of the program in FY99, over $75 million (535 loans) have been loaned to qualified or approved school districts. Loan applications are received from June 1st – December 1st every year. Decisions on loans are not made until December 15th of each year.

In FY2012 districts, charter schools, lab schools, area vocational centers and nonpublic schools recognized pursuant to 23 Ill. Adm. Code 425 (Voluntary Registration and Recognition of Nonpublic Schools) housing Kindergarten through 8th grades were eligible to apply.  In FY2013, the loan will be extended to qualifying districts serving grades 9th through 12th.  The loan will continue to cycle in that manner.  Loan payments are due on June 1st and December 1st, or March 1st and September 1st, of each year.  Loans receive a 15 day grace period. Any loan payment not received within those 15 days is charged a 5% penalty.