NAPERVILLE, Ill. — Eight credit unions have made a financial commitment to bring more than $100 million in student loans to college students for the upcoming school year.
Credit unions are investing in securities issued by the Illinois Student Assistance Commission, according to the Illinois Credit Union League. Alliant CU, Baxter CU, CEFCU, Corporate America Family CU, Credit Union 1, I.H. Mississippi Valley CU, Motorola ECU and Scott CU have agreed to put up the funding.
The Stafford loans being offered through the partnership offer low interest rates, the league said. The involvement of Illinois credit unions began after other financial institutions that previously supported ISAC backed out, a trend felt by similar agencies across the country, the league said. Andrew Davis, ISAC executive director, contacted the league and an initial meeting was set to discuss the possibility of working together.
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