Illinois Student Loan
Student Loans for Illinois Residents
Illinois not only have several major universities, but also has great student loan programs. Illinois Designated Account Purchase Program (IDAPP)is the leader in providing stdudent loans in the state of Illinois. It provides expert loan service and advice to
students, schools and financial institutions. IDAPP’s Low Cost Borrower Benefits Program students can reduce their interest rate by as much as 2.25%. Borrower Benefit Programs provide students with financial incentives if they pay on time. Below is a list of loans which IDAPP offers to Illinois students:
- Federal Stafford Subsidized / Unsubsidized
- Federal PLUS Parent / Grad
- Federal Consolidation Loan (UnILoan)
Capstone Loans for College Seniors
The College Illinois! Capstone Loan offers seniors from seven Illinois schools a loan to finish their college education. The schools are: University of Illinois at Chicago, Western Illinois University (Macomb and Quad Cities), Loyola University Chicago, Saint Xavier University (Chicago and Orland Park), North Central College (Naperville), Millikin University (Decatur) and Midstate College (Peoria).
How the College Illinois! Capstone Loan works:
- Illinois residents attending Illinois schools who are within a year of graduation are eligible. They must be enrolled at least half-time (unless they are in the final term before graduation during which time enrollment can be less than half-time) and must have already exhausted their federal loan eligibility.
- The loan minimum is $1,000, and the maximum is the cost of attendance minus other gift aid and the base Stafford loan for seniors.
- The grace period is six months after the borrower graduates or is enrolled less than half-time; the repayment term is up to 20 years.
- The minimum payment is $50 per month.
- The interest rate is fixed at 8 percent, which begins to accrue upon disbursement.
The College Illinois! Capstone Loan Benefits:
- Regardless of income, a 1 percent interest rate reduction can be earned immediately for obtaining Illinois employment. This benefit can be earned once the borrower has graduated, entered repayment and begun paying state income taxes. Annual proof of Illinois employment is required.
- A rate reduction of 1 percent will be applied if your annual income is between $30,001 and $50,000. Annual proof of income is required.
- A rate reduction of 2 percent will be applied if your annual income is $30,000 or less. Annual proof of income is required.
- If you work full time and your annual income is $30,000 or less, the outstanding principal on your loan may be reduced by 2 percent upon the completion of each series of 12 consecutive, on-time payments.
Illinois Student Loan Forgiveness Program
Illinois students enrolled in nursing, teaching and other healthcare programs as well as members of armed forces may qualify for a student loan forgiveness.
Illinois Student Loan Consolidation
All federal and state sponsored loans to Illinois students can be consolidated to reduce payments and possibly lower interest rates too.
To get low interest rates, Illinois students shall apply for a financial aid application and qualify for college loans as soon as possible.
