Illinois Offers New No-Cosigner College Loan for Students Lacking Traditional Options

SPRINGFIELD – Illinois students who cannot secure traditional college loans now have a new borrowing option through the Illinois No-Cosigner Loan, announced by State Treasurer Michael Frerichs. The program, part of the Student Empowerment Fund, is designed to support in-state students who lack access to a creditworthy cosigner, offering fixed interest rates between 7.99% and 9.49%. This loan joins two existing options—Illinois Partnership and College Family Loans—developed with ISL Education Lending. Together, these programs seek to lower borrowing costs for students and families, with nearly 700 loans totaling $10.8 million already issued since the fund launched in 2023. The Treasurer’s Office works with private lenders who issue affordable loans to Illinois residents, with repayments reinvested to expand future access.