Ill. commission: League had critical role in student loans
CHICAGO (11/13/09)--The Illinois Student Assistance Commission (ISAC), in announcing it still had $66 million available for low-interest federally secured student loans to Illinois students, singled out the Illinois Credit Union League as playing a critical role in the student loan program.
The league "played a critical role in securing $110 million for student loans, ensuring continued FFELP [Federal Family Education Loan Program] lending," said ISAC.
"Thanks to the credit unions' support, we continue to provide student loans to those in need at FFELP-participating schools while serving our mission by offering Illinois students and parents college access programs, financial literacy education, and loan delinquency and default prevention," said ISAC Executive Director Andrew Davis.
Davis said ISAC has committed $44 million in student loans for the 2009-2010 academic year.
The league helped obtain commitments from 14 credit unions in the state to invest $105 million in ISAC-issued securities to finance the loans (News Now July 16).
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