Eight CUs In Illinois In Phase Two of $100M Loan Plan

NAPERVILLE, Ill.-Eight credit unions in Illinois have entered step-two of an expected three-step, $100 million deal with an Illinois state agency that will make $40.5 million in low-interest loans available to Illinois students for the upcoming semester. The partnership between the Illinois Student Assistance Commission (ISAC) and the Illinois Credit Union League (ICUL) involves securities issued by ISAC to finance low-interest, federally-secured loans to Illinois college students and their families. In September, the credit unions made $40 million available. In addition to the $40.5 million deal, another $20 million should be made available in March of 2009 for students attending schools on the quarter system who need loans for the spring quarter, the league reported. The participating credit unions include Alliant Credit Union in Chicago, Baxter Credit Union in Vernon Hill), Citizens Equity First Credit Union in Peoria, Corporate America Family Credit Union in Elgin, Credit Union 1 in Rantoul, I.H. Mississippi Valley Credit Union in Moline, Motorola Employees Credit Union in Schaumburg, and Scott Credit Union in Collinsville.