Skip to Content Bruce Rauner, Governor, State of Illinois

Loan Programs

An educational loan will help open the door to a student’s future. Making informed, well thought-out decisions regarding finances while in college is one important key to ensuring that this and many other doors remain open.

Loans are a form of financial aid that must be repaid with interest. Loans provide monetary assistance through participating lenders, colleges, the federal government and other organizations. Loan funds are to be used for educational purposes and must be repaid.

The main purpose of this section is to provide you with a quick summary of the different types of loans available to students and parents. 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 website.