State Treasurer Frerichs Announces New Option For Illinois Students Struggling to Obtain Traditional College Loans
SPRINGFIELD - Illinois students struggling to obtain traditional college loans have a new option to borrow money for in-state higher education costs thanks to a new program Illinois Treasurer Michael Frerichs unveiled today. The new Funding U Illinois No-Cosigner Loan is part of the Student Empowerment Fund , Treasurer Frerichs’ plan to provide private college loans for Illinois residents at lower rates than private competitors and help bridge the gap with federal financial aid. The No-Cosigner Loan joins ISL Education Lending’s Illinois Partnership Loan and Illinois College Family Loan options. “The costs of college continue to rise, and the chaos in Washington is hurting, not helping our families,” Frerichs said at a Thursday news conference at 555 W. Monroe. “Financial aid often doesn’t cover all of the costs, and we are offering a solution to help students bridge the gap.” Funding U is working with the State Treasurer’s Office