Information for Student Loan Borrowers

Are You an Eligible Borrower?

Eligibility starts with one word: Illinois.

Applicants must be Illinois residents attending an Illinois public or private not-for-profit higher education institution. 

Through partnerships with reputable loan lenders, the SEF offers private loans for parents, students, and even those without a cosigner or a credit score necessary for a traditional loan. We aim to provide private low-rate loans for all Illinoisans and are actively seeking partnerships with institutions and lenders to increase loan access.  

As the SEF scales, the program hopes to partner with a variety of reputable lenders with different requirements to ensure Illinoisans with varied borrowing needs have access to higher education. 

What Are Your Loan Options?

The Illinois Partnership Loan is available to Illinois residents attending or planning to attend an in-state not-for-profit college or university. If financial aid and other resources fall short of covering your college expenses, this private loan option can help fill the gap. The private loan is provided through ISL Education Lending (ISL), a non-profit lending institution with strong borrower protections.  

This product is for borrowers with a credit score of at least 660 or borrowers who have an eligible cosigner with a credit score of at least 660. Fixed Annual Percentage Rate: 3.45% APR - 6.77% APR.* 

* The lowest annual percentage rate includes a 0.25% interest rate reduction for enrolling in and maintaining auto-debit once the loan is in full interest and the principal payments. Without enrolling in auto-debit, the rate will range from 3.70%–6.77% APR.  Note: Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select and will be within the ranges shown above assuming the auto-debit interest rate reduction applies. 

Illinois College Family Loan 

The Illinois College Family Loan is a private loan for parents looking to help an undergraduate or graduate student with college costs. It is available to Illinois residents with a college student attending or planning to attend an Illinois not-for-profit college or university.  

To qualify, students must also be Illinois residents. The private loan is provided through ISL Education Lending (ISL), a non-profit lending institution based in Iowa with strong borrower protections.  

This product is for parents with a credit score of at least 660. Fixed Annual Percentage Rate: 3.45% APR - 6.77% APR.*

* The lowest annual percentage rate includes a 0.25% interest rate reduction for enrolling in and maintaining auto-debit once the loan is in full interest and the principal payments. Without enrolling in auto-debit, the rate will range from 3.70%–6.77% APR. Note: Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select and will be within the ranges shown above assuming the auto-debit interest rate reduction applies. 

Illinois No-Cosigner Loan

The Illinois No-Cosigner Loan product, provided through Funding U, is available to students who do not have a cosigner to help acquire financial aid. It offers no fees, flexible in-school payment options, and a Fixed Annual Percentage Rate range of 7.49% APR – 9.49% APR.* 

Funding U provides private loans to high-achieving college students, regardless of family income, focusing on their dedication and achievements rather than a cosigner’s financial status or credit score.  

This product was designed for borrowers who have struggled to access private student loans because of a lack of credit score or adequate cosigner. There is no credit score or cosigner requirement to apply for this loan.

*The lowest annual percentage rate includes a 0.25% interest rate reduction for enrolling in and maintaining auto-debit once the loan is in full interest and the principal payments. Without enrolling in auto-debit, the rate will range from 7.99% - 9.49% APR.  Note: Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select and will be within the ranges shown above assuming the auto-debit interest rate reduction applies. 

Please note, when you are taking out these student loans you are not only promising to pay back the loan amount but also all the interest that comes with it. The true cost of taking out this student loan includes the loan amount plus the interest paid. The higher your interest payments, and the longer it you take to pay off your loans, the more it costs to pay back your loans.  

Illinois Partnership Loan  

Which Loan is Right for Me?

  • Students with a cosigner may consider the Illinois Partnership Loan provided through ISL. This private loan is meant for borrowers with a credit score of at least 660 or who have an eligible cosigner with a credit score of at least 660. 

  • Parents might consider the Illinois College Family Loan. This private loan, provided through ISL, is meant parents of students who are attending an Illinois university and who have a credit score of at least 660. 

  • Our newest Illinois loan may be the right fit for students without a cosigner. This private loan, provided through Funding U, is designed for students who lack a credit score or an adequate cosigner. This unique loan option offers a solution for students who struggle to access traditional student financing, helping bridge the gap in college funding.