SPRINGFIELD, Ill. (WMBD) – Illinois State Treasurer Michael Frerichs announced a new, low-cost loan program to help bridge the gap between college savings and financial aid on Monday.
According to a release from Frerichs’ office, the program will make it easier for thousands of Illinois residents to graduate from a university with a degree.
“We firmly believe the best way to pay for college is investing early in a college savings plan,” Frerichs said. “We also know that many families need to rely upon borrowing to pay for some costs associated with college or trade school. That is why we are pleased to partner with ISL Education Lending, a nonprofit organization that has been in this market for 40 years.”
Frerichs’ office will be partnering with ISL Education Lending, a non-profit company, to offer affordable private student loans to Illinois students and families who qualify.
“We appreciate the efforts of Treasurer Frerichs in enabling us to leverage their financing authority to make low-cost loans to Illinois students and families,” said Steve McCullough, president and CEO of ISL Education Lending. “We also look forward to the Treasurer’s guidance and support as we develop this product to help students and families throughout Illinois.”
The program, named the Illinois Partnership Loan Program, is designed to help pay for college by supplementing, not replacing, other sources.
ISL Education Lending encourages students to work with the financial aid professionals at their respective colleges and try any other measure before seeking a private student loan.
ISL Education Lending has helped nearly 400,000 students and families pay for college over the last 40 years.
More details can be found at the ISL Education Lending website.