Illinois Student Loans
Illinois financial aid is administered by the Illinois Student Association Commission and depends mainly on the availability of annual funds granted by the General Assembly and the Governor. While some financial aid programs are restricted to permanent residents of Illinois, many opportunities may be available for students from other states who are planning on pursuing postsecondary education here.
Types of Financial Aid
Illinois Financial Aidis available in the form of scholarships, grants, loan programs, loan repayment/forgiveness programs and college saving bonds.
Grant opportunities are available for students with genuine financial need, academic merit, aspiring teachers, national guards, veterans, police or fire officers and correctional officers’ dependents.
Loans and Loan Repayment/Forgiveness Programs
Loans from the state can be applied for after completing the FAFSA. They include options for undergraduates, graduates and parents or schools wishing to take loans on behalf of students. Most of them are need-based and have low interest return rates.
Alternative loans are another option that can help you if other sources of aid do not meet your educational expenses; they are funded by lending organizations low rates of interest and are payable after you graduate. Loan forgiveness programs are for those interested in certain careers such as nursing, teaching, child welfare and education, justice and veterans nursing homes.
College Savings Bonds
These are tax-exempt bonds available to investors to fund college expenses. They have a discounted price depending on the maturity value and no interest is to be paid unless maturity is reached.