Three area school districts to receive funds from School Technology Revolving Loan Program

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computersinschoolLow-interest loans to boost technology in schools across the state

The Illinois State Board of Education announced the selection of 3 area school districts as part of 22 total districts from across Illinois to receive more than $3.5 million from the School Technology Revolving Loan Program. The low-interest loans allow schools to use technology for classroom instruction and staff development.

Sycamore Community Unit School District 427 will receive $402,700; Hinckley-Big Rock CUSD 429 will receive $ 97,600; and Sandwich CUSD 430 will get $238,750.

“We’re very grateful to be able to offer districts these loans,” said State Superintendent of Education Christopher A. Koch. ”It’s essential we ensure students gain experience working with the technology and tools that will help build 21st-century skills. Today’s students are tomorrow’s workers in an economy driven by technology.’’

The School Technology Revolving Loan Program is a 3-year loan with a 2 percent interest rate. Districts repay the loan in six payments (due two times a year). Districts that meet criteria set in law are selected on a first-come, first-serve basis contingent upon the balance of the fund, which fluctuates based on repayment schedules. A formula dictates the maximum amount districts can receive based on enrollment. Some districts request less than the maximum claimable.

The loans can be used for a variety of technology investments, including:

  • Equipment and wiring for installing and upgrading local- and wide-area networks and for network hardware.
  • Supplies and labor costs for electrical work directly related to technology.
  • Computer hardware used for classroom instruction and/or staff development.
  • Other technology hardware investments that directly relate to staff development and classroom instruction.
  • Staff development directly related to the integration of technology into the learning environment.
  • Computer furniture (not to exceed 10 percent of the loan).

Visit the Illinois State Board of Education’s website for full list.

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