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Private and College-Sponsored Loans Illinois

Students who do not qualify for federal financial aid or who need additional assistance, can apply for private loans.

Local Companies

A -Z Jewelry & Swap Inc
(309) 637-4531
414 Sw Adams St
Peoria, IL

Beneficial Illinois Inc
(309) 688-8587
3927 N University St Ste A
Peoria, IL

All Credit Lenders
(309) 686-2200
4220 N Sheridan Rd
Peoria, IL

Associated Bank Illinois
(309) 671-1700
125 NE Jefferson St
Peoria, IL

National City Bank
(309) 655-5387
301 S.W. Adams St.
Peoria, IL

South Side Trust & Savings Bank
(309) 676-0521
2119 SW Adams Street
Peoria, IL

Bank of America
(309) 680-4380
135 S. LaSalle St
Chicago, IL

Accelerated Financial Services
(309) 686-9801
911 E Seneca Pl
Peoria, IL

Busey Bank
(309) 683-2300
6699 N. Sheridan Road
Peoria, IL

Central Illinois Bank
(309) 699-3405
800 W. Trailcreek Dr
Peoria, IL

Private and College-Sponsored Loans Explained

Students in need of financial assistance for their education who either do not qualify for other student loan options or need more funds have the option of applying for private loans that are not part of the federal aid programs.

College-Sponsored and Private Student Loans

You might think your options for financial assistance are limited if you don't qualify for enough federal aid to cover your education costs. Both graduate and undergrad students are eligible for financial aid outside of federal aid programs. Many educational institutions and private lenders offer loan programs.

Loans from Your College

Check with your school's financial aid office to find out if your college or university has a student loan program to help pay for school. Many colleges offer loans and some even offer interest rates lower than those offered by the federal government programs. Your college may also offer a college work-study program that can help you cover your costs.

For example, one school offers its students a private loan program in conjunction with a local bank. It is available to U.S. citizens or permanent residents who are full-time students seeking a degree. The school charges a fee ranging from 3-5% of the total loan and allows students to borrow a maximum of $8,500 for the first and second year and $15,000 for juniors and seniors. Your college may have a similar program that could provide the assistance you're looking for.

Private Loan Options

There are a number of privately funded loans available for both undergraduate and graduate students. These programs are often credit-based and are not guaranteed by the federal government. Consequently, the interest rates are often higher than what you might find through your school or through federal programs, but are generally lower than credit card interest rates. Because of the higher interest rates, you should exhaust all other resources before you apply for a private loan.

Private loan options include those offered by the College Board Education Loan Program and Act® Education Loans. The College Board, a non-profit membership education association, offers students the Connect Loan, which is credit-based and allows students to borrow the full cost of their education, less any other financial aid, with no maximum limit. The Act® Education Loan offers students enrolled at least half time in a degree program at an approved school an affordable loan to help cover the cost of their education. The Act® program limits annual borrowing to $40,000 with a maximum of $130,000 for undergraduate students. Both loan programs give students the choice between immediate repayment, interest-only repayment, and deferred repayment.

Bank Loans
You might also wish to investigate loan options from your bank, credit union, or other private financial institutions. Again, these loans will often cost more than those offered through federal programs or by your school, so make sure you research all of your options. Loans offered by banks and private institutions are based on good credit and often have variable interest rates. Shop around for a bank loan--many lenders offer discounts and benefits to existing customers.

Sources:
CollegeBoard.com
NelNet College Planning
Grove City College
ActEducationLoans.com

Featured Local Company

A -Z Jewelry & Swap Inc

(309) 637-4531
414 Sw Adams St
Peoria, IL

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History