Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Commission approves Illinois CUs student loan program
CHICAGO (/23/08)--The Illinois Student Assistance Commission has given its go-ahead for a $100 million plan for student loans in an arrangement with eight credit unions in the state. The commission, in charge of student loans, met in Evansville and approved the arrangement, which was announced earlier this month (News Now Sept. 8). Andrew Davis, commission executive director, said he approached 12 major banks and at least six foreign banks to invest in student loans. But, he said, major lenders across the nation have bailed on student loans to shore up their finances during the subprime mortgage crisis (Belleville News Democrat Sept. 20). Some states, he said, shut down their student loan programs. The credit unions are a unique solution in the U.S., Davis said. The $100 million investment will provide loans for as many as 20,000 college students per year, he said. Credit unions in the program include:
* Alliant CU, Chicago; * Baxter CU, Vernon Hills; * Citizens Equity First CU, Peoria; * Corporate American Family CU, Elgin; * Credit Union 1, Rantoul; * I.H. Mississippi Valley CU, Moline; * Motorola CU, Schaumburg; and * Scott CU, Collinsville.
For more detail about the plan, use the first resource link.
Other Resources

RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
11 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
13 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
15 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
15 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
15 hours ago