$100 Million Set Aside For Illinois College Students

Written by  //  09/09/2008  //  College Budgeting, College Financial Aid, Student Loans  //  1 Comment

Illinois college students got some very good news over the weekend.

No, it wasn’t the Fighting Illini’s 47-21 Saturday gridiron thrashing of in-state rival, EIU, rather it was college moneythe Sunday decision by eight credit unions to join with two state agencies to create a $100 million aid fund for students.

Overcoming The Current Credit Crunch

The fund was established to help students who are currently having difficulty getting credit to obtain student loans in the face of tougher borrowing restrictions imposed by lenders as a result of the current economic climate. As many as 20,000 students are expected to be helped through the fund, especially those with low incomes.

In a prepared statement, Illinois Governor Rod Blagojevick said, “This financing package will enable thousands of students to attend college this year, knowing they can pay their tuition.”

Students who need additional funding assistance can also ask their parents to apply for a PLUS loan or apply for help from Sallie Mae. PLUS loans allow parents to borrow as much as 100% of college costs which includes tuition, room and board, books, and related fees.

Speaking of Football…

Getting back to football, Illinois’ pounding of EIU was just the right medicine the team needed following its 52-42 opening week loss to #6 Missouri.

Last week, Illinois was able to keep pace with Missouri, but they still yielded 549 yards, not quite as bad as the 633 ceded to USC in a 49-17 Rose Bowl drubbing last year, but still a major concern. On Saturday, the Illini still gave up well over 400 all purpose yards to EIU, but with Louisiana-Lafayette next up, the team will have an extra week to pound a weaker opponent, letting Juice Williams rack up additional yardage and scores while giving the defense a chance to get everything right before the team embarks to Happy Valley on September 27th to take on the Nittany Lions.

(Source: State of Illinois)

Tip – Is a lack of money keeping you from finishing your college education? Consider Federal Pell Grants which never have to be repaid or a work study program offered through your school. Upperclassmen can sometimes find work as a professor’s assistant while private student loans and Stafford loans offer ways for you to borrow money which can be paid off after you graduate.

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One Comment on "$100 Million Set Aside For Illinois College Students"

  1. collegeloanconsultant 09/09/2008 at 7:38 am ·

    Most of the credit for this solution should go to the state. Thanks to the Illinois government, these credit unions will not lose any money if defaults occur. While the federal government guarantees 97%, the state of Illinois stepped up to guarantee the other 3%.

    collegeloanconsultants last blog post..Nebraska Coordinating Commission for Postsecondary Education…Loans for School

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