Lower-Rate Private Student Loans for Illinois Students and Parents
Introducing the Student Empowerment Fund
Illinois college students deserve the opportunity to learn today and thrive tomorrow. The Student Empowerment Fund (SEF) provides capital for lower-rate private loans that help reduce student debt and expand access to higher education.
The SEF supports Illinois residents attending in-state public or non-profit colleges and universities by offering private loan offerings with capped interest rates that reduce student debt, helping students and families borrow more affordably.
The Illinois Treasurer’s Office also oversees a nationally-recognized 529 college savings program and views the Student Empowerment Fund as a long-term investment in Illinois residents and the state’s future work force. This initiative is part of a broader strategy to enhance access to higher education across the state. 
Which Loan is Right for Me?
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Students with a cosigner may consider the Illinois Partnership Loan. This private loan is meant for borrowers with a credit score of at least 660 or who have an eligible cosigner with a credit score of at least 660.
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Parents might consider the Illinois College Family Loan. This private loan is meant for parents of students who are attending an Illinois university and who have a credit score of at least 660.
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Our newest Illinois loan may be the right fit for students without a cosigner. This private loan is designed for students who lack a credit score or an adequate cosigner. This unique loan option offers a solution for students who struggle to access traditional student financing, helping bridge the gap in college funding.
Real Savings for Illinois Borrowers
SEF Interest Payment Savings to Date
To date, Student Empowerment Fund borrowers have saved $16,931,221* in interest payments. That comes out to $27,510** interest payment savings per borrower.
*Savings estimates are calculated by comparing interest payments on the total SEF loan portfolio against interest payments at an average comparable private market interest rate (11.43%) and the average SEF borrower interest rate (5.76%). Actual savings may vary based on individual loan terms and repayment behavior.
**Average savings per borrower are estimated by comparing interest payments on the average loan amount taken out by SEF borrowers against interest payments at an average comparable private market interest rate (11.43%) and the average SEF borrower interest rate (5.76%). Actual savings may vary based on individual loan terms and repayment behavior.
Explore your loan options.
The Student Empowerment Fund is here to help Illinois residents reduce their student loan burden. Whether you are a student with a cosigner, a parent of a student, or a student without a cosigner, we have a loan option for you. Start your journey toward reduced debt by exploring your loan options today.