Rep. Elizabeth Coulson Announces New Low-Interest Loan Program for College Students

Rep. Elizabeth Coulson

As students head back to college, their excitement is oftentimes overshadowed by the financial pressures of skyrocketing tuition rates. This month, the State of Illinois launched a new Illinois Student Assistance Commission Loan Program.

Under the program, college students will be able to take advantage of low-interest, federally secured loans. The loans were made possible by eight Illinois-based credit unions who will invest $100 million in securities issued by the Illinois Student Assistance Commission. This new program will be a significant help to students who are facing high tuition costs and dismal lending options.

The Stafford loans offer families several benefits, including low-interest rates and easier recourse when resolving disputes. A government-guaranteed loan has an interest rate between 6 and 6.8%, while normal interest rates can be as high as 18%.

The Illinois Department of Financial and Professional Regulation authorized the investment by the Illinois credit unions to start the program. In Illinois, we have more than 430 credit unions with $20.8 billion in assets serving more than 2.7 million members.

As an educator, I believe that every student should have access to a higher education. This program is a step in the right direction, and I encourage all college students consider taking advantage of this loan program while financing their education. It’s truly a worthwhile investment in their future.

As always, do not hesitate to contact my district office at (847) 724-3233 with any questions or concerns.

Sincerely,

Elizabeth Coulson

State Representative – 17th District