NAPERVILLE, Ill. and SPRINGFIELD, Ill. (12/19/08)--Thousands of Illinois college students can benefit this spring from $40.5 million in low-interest loans from eight Illinois credit unions. The Illinois Student Assistance Commission (ISAC) and the Illinois Credit Union League (ICUL) teamed up three months ago to offer $100 million in loans to students in a three-step deal. For the spring loan program, eight Illinois credit unions bought $40.5 million in securities issued by ISAC to finance loans for students. The Illinois credit unions are:
* Alliant CU, Chicago; * Baxter CU, Vernon Hills; * Citizens Equity First CU, Peoria; * Corporate America Family CU, Elgin; * Credit Union 1, Rantoul; * I.H. Mississippi Valley CU, Moline; * Motorola Employees CU, Schaumburg; and * Scott CU, Collinsville.
An additional $20 million will be made available in March for students attending schools on the quarter system who need funds for the spring quarter. The economic downturn and lack of liquidity, combined with rising tuition and textbook costs, have forced college students nationwide to question the affordability of the spring 2009 semester, ISAC said. “When private lenders turned their backs on Illinois students, these Illinois credit unions stood tall,” said Andrew Davis, ISAC executive director. “While college students across the nation will spend their holidays wondering if they can return to campus in January, Illinois students can focus on enjoying some family time and preparing for their spring classes.” “We view this as an investment in the state’s workforce and in strong communities,” said Dan Plauda, ICUL president/CEO.