Post by WeNeed3 on Sept 8, 2008 7:10:47 GMT -5
Naperville Sun
Credit unions to help with college aid
September 8, 2008
By Daniel J. Yovich Associated Press
CHICAGO -- Eight Illinois credit unions have partnered with two state agencies to provide $100 million in financial aid for college students through a new program designed to plug funding gaps brought by the nation's credit crunch, state officials announced Sunday.
The funding was expected to ease financial burdens for about 20,000 students.
"This financing package will enable thousands of students to attend college this year, knowing that they can pay their tuition," Gov. Rod Blagojevich said in a statement.
It has become difficult for college students - especially those from lower income levels - to secure loans because lenders have pulled out of the market, Blagojevich's office said. In Illinois, state-administered college tuition aid has dwindled since 2007, when the subprime mortgage sector of the credit market began its decline, the governor's office said.
The funding announced Sunday will come through the Stafford loan program. Stafford loans have a 6.8 percent interest rate and are available to students without a check of their credit history. Stafford loans typically range from $3,500 to $20,500.
To be eligible for the loans, students must show need for the money and be U.S. citizens or have permanent resident status.
The credit unions involved in the partnership include: Alliant Credit Union of Chicago, Baxter Credit Union of Vernon Hills, Citizens Equity First Credit Union of Peoria, Corporate America Family Credit Union of Elgin, Credit Union 1 of Rantoul, I.H. Mississippi Valley Credit Union of Moline, Motorola Credit Union of Schaumburg and Scott Credit Union of Collinsville.
www.suburbanchicagonews.com/napervillesun/news/1150443,6_1_NA08_STATE2_S1.article
Credit unions to help with college aid
September 8, 2008
By Daniel J. Yovich Associated Press
CHICAGO -- Eight Illinois credit unions have partnered with two state agencies to provide $100 million in financial aid for college students through a new program designed to plug funding gaps brought by the nation's credit crunch, state officials announced Sunday.
The funding was expected to ease financial burdens for about 20,000 students.
"This financing package will enable thousands of students to attend college this year, knowing that they can pay their tuition," Gov. Rod Blagojevich said in a statement.
It has become difficult for college students - especially those from lower income levels - to secure loans because lenders have pulled out of the market, Blagojevich's office said. In Illinois, state-administered college tuition aid has dwindled since 2007, when the subprime mortgage sector of the credit market began its decline, the governor's office said.
The funding announced Sunday will come through the Stafford loan program. Stafford loans have a 6.8 percent interest rate and are available to students without a check of their credit history. Stafford loans typically range from $3,500 to $20,500.
To be eligible for the loans, students must show need for the money and be U.S. citizens or have permanent resident status.
The credit unions involved in the partnership include: Alliant Credit Union of Chicago, Baxter Credit Union of Vernon Hills, Citizens Equity First Credit Union of Peoria, Corporate America Family Credit Union of Elgin, Credit Union 1 of Rantoul, I.H. Mississippi Valley Credit Union of Moline, Motorola Credit Union of Schaumburg and Scott Credit Union of Collinsville.
www.suburbanchicagonews.com/napervillesun/news/1150443,6_1_NA08_STATE2_S1.article