JB Pritzker, 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. All new federal student loans are administered and funded by the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). For information regarding the administration of Federal Direct Loans, refer to the Direct Loans area of ED's FSA Partner Connect – Knowledge Center. Students, parents and borrowers seeking information regarding Federal Direct Loans may be directed to the Loans page of ED's Federal Student Aid website.