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Commission approves Illinois CUs student loan program
CHICAGO (/23/08)--The Illinois Student Assistance Commission has given its go-ahead for a $100 million plan for student loans in an arrangement with eight credit unions in the state. The commission, in charge of student loans, met in Evansville and approved the arrangement, which was announced earlier this month (News Now Sept. 8). Andrew Davis, commission executive director, said he approached 12 major banks and at least six foreign banks to invest in student loans. But, he said, major lenders across the nation have bailed on student loans to shore up their finances during the subprime mortgage crisis (Belleville News Democrat Sept. 20). Some states, he said, shut down their student loan programs. The credit unions are a unique solution in the U.S., Davis said. The $100 million investment will provide loans for as many as 20,000 college students per year, he said. Credit unions in the program include:
* Alliant CU, Chicago; * Baxter CU, Vernon Hills; * Citizens Equity First CU, Peoria; * Corporate American Family CU, Elgin; * Credit Union 1, Rantoul; * I.H. Mississippi Valley CU, Moline; * Motorola CU, Schaumburg; and * Scott CU, Collinsville.
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