Financial aid is traditionally awarded in the form of grants, scholarships, work, and loans. To better serve its partners, the Illinois Student Assistance Commission (ISAC) has evolved into a one-stop financial aid center, offering a comprehensive array of programs and services. ISAC administers gift assistance programs, as well as loan repayment and forgiveness programs and the State’s only prepaid tuition program, College Illinois!®. Financial aid programs are also available from the federal government and state-sponsored or private organizations.
Prior to July 1, 2010, low -interest educational loans were available under the Federal Family Education Loan Program (FFELP) administered by ISAC and lending institutions. Effective
July 1, 2010, all new federal student loans will be administered by the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). For information regarding Federal Direct Loans, refer to ED's Direct Loan Program Web site or contact the college's financial aid office.
ISAC will continue to service FFELP Loans made prior to July 1, 2010, throughout the repayment period.