Borrowers
Are You an Eligible Borrower?
Eligibility starts with one word - Illinois.
Applicants must be an Illinois resident attending an Illinois institution of higher education that is public or private non-profit, or not-for-profit.
The Student Empowerment Fund hopes to provide low-interest private loans to all Illinois residents, especially those who have struggled to qualify for traditional loans. We are actively seeking partnerships with lenders and institutions to partner on a program that will increase access to private student loans for all Illinois residents, specifically those who lack a co-signer or the credit score necessary to qualify for a traditional loan.
As the Student Empowerment Fund scales, the program will partner with a variety of reputable lenders with different requirements to ensure Illinois residents with varied lending needs have access to higher education.
What Student Empowerment Fund Product is the best fit for you?
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This private loan is meant for borrowers with a credit score of at least 670 or who have an eligible co-signer with a credit score of at least 670.
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This private loan is meant parents of students who are attending an Illinois University and who have a credit score of at least 670.
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This private loan is meant for students who lack a credit score or an adequate cosigner.
Coming Soon to the Student Empowerment Fund!
The Office of the Illinois State Treasurer is partnering with a new lender to offer a new loan product. The lender provides private loans to high-achieving college students, regardless of family income, focusing on their dedication and achievements rather than a cosigner’s financial status or credit score. This unique loan option offers a solution for students who face challenges accessing traditional student financing, helping bridge the gap in college funding.
Coming soon! A new loan product!
Are you an Illinois resident attending or planning to attend an Illinois college or university? If so, and if you do not have a co-signer to help acquire financial aid, this new loan product might be a good fit for you. This loan option offers private student loans with no fees, flexible in-school payment options, and an interest rate cap of 9.99%.
This loan product was designed for borrowers who have struggled to access private student loans because of a lack of credit score or adequate cosigner. There is no credit score or cosigner requirement to apply for this loan. Fixed Annual Percentage Rate: 7.99% APR – 9.49% APR. Lowest rate includes an auto-debit discount.*
*Other eligibility requirements exist beyond what is outlined here.
This loan product was designed for borrowers who have struggled to access private student loans because of a lack of credit score or adequate cosigner. There is no credit score or cosigner requirement to apply for this loan. Fixed Annual Percentage Rate: 7.99% APR – 9.49% APR. Lowest rate includes an auto-debit discount.*
*Other eligibility requirements exist beyond what is outlined here.
Illinois Partnership Loan
The Office of the Illinois State Treasurer partners with ISL Education Lending (ISL) to offer two products: the Illinois Partnership Loan and the Illinois College Family Loan. These Illinois products offer a new option to meet gaps in college financing. ISL is a nonprofit education lending organization with a spotless record and strong student borrower protections. The Office of the Illinois State Treasurer will provide low-cost capital to ISL to provide lower-interest rate private student loans to Illinois residents attending Illinois institutions of higher education.
The Illinois Partnership Loan and the Illinois College Family Loan offer private student loans with no fees, flexible in-school payment options, and an interest rate cap at 7%. The Illinois Partnership Loan will be offered to all Illinois residents attending a not-for-profit Illinois institution.
Illinois Partnership Loan
Are you an Illinois resident attending or planning to attend an in-state college or university? If financial aid and other resources fall short of covering your college expenses, the Illinois Partnership Loan might be a good fit.
This product is for borrowers with a credit score of at least 670 or borrowers who have an eligible co-signer with a credit score of at least 670. Fixed Annual Percentage Rate: 3.45% APR - 6.77% APR. Lowest rate includes an auto-debit discount*
*Other eligibility requirements exist beyond what is outlined here.
Illinois College Family Loan
Illinois College Family Loan
The Illinois College Family Loan is a private loan for parents looking to help undergraduate or graduate students with college costs. If you’re an Illinois resident with a college student who is also an Illinois resident and is attending or planning to attend an eligible Illinois college or university, you have options if financial aid is not enough to cover college costs.
This product is for parents with a credit score of at least 670. Fixed Annual Percentage Rate: 3.45% APR - 6.77% APR. Lowest rate includes an auto-debit discount*
*Other eligibility requirements exist beyond what is outlined here.
When you are taking out a student loan you are not only promising to pay back the loan amount, but also all the interest that comes with it. The true cost of taking out a student loan includes the loan amount + the interest paid. The higher your interest payments, and the longer it you take to pay off your loans, the more it costs to pay back your loans.
Through the SEF program, we partner with trusted lenders to deliver low interest student loans with the goal of keeping your true cost of education down. Our residents should be able to focus on their studies, without having to worry about their future.