December 11, 2007

Illinois cutting interest rates for under-staffed fields and low income

Posted in Legislation Affecting Students, Student Loan News at 11:16 AM by Joe From Boston

Do you live in Illinois and want to go into teaching, social work or another under-staffed field?  You might get 1.8% off your Stafford loans!

Here’s a small excerpt.  Read the entire article from the Chicago Sun Times here.  Their website seems to be a bit slow today, just to warn you.

…[Gov. Rod] Blagojevich announced that beginning this week the “Low Cost Borrower Benefit Program” will offer as much as a 1.8 percent cut in interest rates on federal Stafford loans for college students planning to enter industries such as social work, teaching, or health care, according to a release from the governor’s office….

Borrowers who have received a Stafford loan through the Illinois Student Assistance Commission (ISAC), which administers the new program, are eligible to cut their interest rate by obtaining Illinois employment, earning less than $50,000 or enrolling in a direct debit program, the release said.