October 19, 2007 - Illinois Student Assistance Commission (ISAC) Launches New
Student Loan Program for Illinois college Seniors

On Friday, the Illinois Student Assistance Commssion announced the introduction of the College Illinois! Capstone Loan program designed to help Illinois college seniors make it through their final year.
There were seven schools selected to take part in the pilot phase of the program, including the University of Illinois at Chicago, Western Illinois University (Macomb and Quad Cities), Loyola University Chicago, Saint Xavier University, both Chicago and Orland Park, North Central College at Naperville, Millikin University at Decatur and Midstate College at Peoria.

Beginning at a minimum of $1,000, the Capstone Loans can be as much as the cost of education less the amounts of other grants, scholarships and Stafford Loans. The interest rate begins at 8% and is not subsidized, but there are ways to lower it. Once graduated, if you get a job in Illinois, that is good for an immediate 1% reduction. Beyond that, if your pay is less than $50,000 per year, you may qualify for further reductions.

See http://www.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=1&RecNum=6356 for more information on the Capstone Loan Program.

See Illinois Student Loans for more information on other Illinois Loan programs.

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