SPRINGFIELD, Illinois – Too many students are leaving college with a lot of debt, said Illinois State Treasurer Michael Frerichs.
This is a national problem that Frerichs wants to address. The Treasury has partnered with the nonprofit ISL Education Lending to offer what they call “transparent and affordable private student loans.” Eligible Illinois students and their families can use this loan to attend a nonprofit college in Illinois.
“What we are trying to do is partner with the private sector to offer lower interest rates. We are thinking of supplementing that in the future,” said Frérichs.
This loan program was born under the Student Investment Accounts Act. Passed in 2019, this law allows treasurers to invest up to 5% of the state’s investment portfolio to provide affordable and responsible education loan products to Illinois residents. .
“If there’s an entire generation of young people who can’t make these big life purchases, it’s not only bad for them, it’s bad for all of us, because without these big purchases and spending, Because it would disrupt the economy,” says Frérichs. He said.
For now, ISL Education Lending is the sole financial partner for the program, but Frerichs says he hopes to expand in the future.
“We know that higher education will unlock higher income potential for families here in the state, and that a better-trained workforce will help our businesses, too,” said Frérichs. said Mr.
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https://www.mystateline.com/news/illinois-treasurers-office-promoting-affordable-private-student-loans/ Illinois Treasurer’s Office Pushes ‘Affordable’ Private Student Loans