Loans – ISAC to provide $66 million in loans
Students can qualify for need based student loans called subsidized direct Stafford loans or non-need based loans called unsubsidized direct Stafford loans. Both of these loan programs offer low interest rates to students. Subsidized loans are six percent while unsubsidized loans are 6.8 percent.
Subsidized student loans are interest free while the student is in school. Many families would not be able to pay for college without the assistance of this loan program, she explained.
Students should create a budget for the semester and only borrow the amount they need. If direct Stafford loans are not enough to cover the balance, students can also look into Parent PLUS or alternative loans.
With both of these options, students should pay attention to the interest rates and fee structures. Doing research on which loans will be best for them can save thousands of dollars in repayment, she continued.
Students do have other options they can utilize in addition to loans such as working during college or searching for scholarships regularly.
The Illinois Designated Account Purchase Program was started in 1977 and is the student loan division of ISAC.
Source here.
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