Receiving Student Loans in Illinois
Take Out a College Loan & Invest in Your Future
The Illinois Designated Account Purchase Program (IDAPP) is a partner agency to the Illinois Student Assistance Corporation. Working in concert with each other Illinois college students and parents may access almost every vital resource and financial product necessary through the CollegeZone resource website.
About IDAPP and ISAC
IDAPP is a not-for-profit agency specializing particularly in servicing the stable of federal loans, such as the Stafford, Perkins and PLUS Loans, otherwise called the Federal Family Education Loan Program (FFELP). Besides the FFELP loans, IDAPP and the ISAC also feature low-cost alternative loans and a new Capstone Loan Program specifically designed for college seniors.
Alternative Loans for Illinois Students
Most federal loans leave off well short of funding a student’s college tuition. In order to be able to afford the skyrocketing price of a college degree students are forced to borrow more money or rack up high-interest debt with credit cards. ISAC, like other non-profit state-sanctioned lenders, is able to offer students low-interest and long-term student loans that are a better financial choice to those offered by commercial banks.
Alternative, or supplemental loans may help eligible Illinois borrowers meet the remaining tuition costs once federal loans have been applied.
College Seniors: Introducing the Capstone Loan Program
The College Illinois! Capstone Loan Program is one of the truly innovative private student loan programs in the country. This private loan is a no-credit-check loan and is offered to eligible Illinois college seniors. Remember, almost all types of private student loans require borrowers to have good credit or borrow with a creditworthy co-borrower—not so with the Capstone.
Here’s how it works:
Only seniors attending participating Illinois colleges and universities may apply for consideration. Borrowers must have completed a FAFSA for federal aid, first.
Capstone Features and Benefits include:
- No upfront loan fees
- Low interest rates and flexible repayment terms
- Additional discounts for students willing to remain living and working in Illinois
- Even deeper discounts for students willing to become teachers and public servants in the state
- Borrow up to the remaining cost of your final semester of school.
Repayment and Consolidation
ISAC makes loan repayment easy and affordable—choose carefully which repayment method suits you. And you can even stretch out the repayment to a full twenty years, almost double what some student loans allow. Payments typically kick in 6 months after graduation—the traditional grace period.
Federal Consolidation loan is available to borrowers with either federal Direct loans or FFELP loans. Also take a look at the IDAPP unLoan, a unique alternative consolidation loan. (Check with IDAPP for current unLoan availability).
Special Loans and Forgiveness
Like many other lending agencies, ISAC also offers special financing for students pursuing high need professions, such as medical students, nurses, teachers and military-bound students. Loan forgiveness programs are popular and offer various options for loan repayment assistance, in return for service.
For more information on any of the above programs, visit CollegeZone.