Alliant Participates in $100 Million Education Loan Program

04/13/2009

Chicago based Alliant Credit Union, together with 11 other large Illinois credit unions, will invest nearly $100 million in securities to provide Illinois students and their families with education financing for the 2009-10 academic year. This was announced by Don McNeil, Chairman of the Illinois Student Assistance Commission (ISAC), a state government agency, during a recent press conference at Alliant Headquarters near O'Hare Airport. "It's anticipated that the total investment may exceed $100 million through participation by additional Illinois credit unions in the coming months," McNeil added.

This is the second year for a college aid program designed to provide access to federally-backed, low-interest student loans, according to ISAC Executive Director Andrew Davis. "Our message to Illinois college-bound students and their families is that we will have plenty of money to lend for school expenses. We salute our partner credit unions and the Illinois Credit Union League for involvement in this program," he added. "This funding is especially important, since economic conditions and other factors have caused a cutback in student loan availability, creating concerns for students, parents and colleges."

Alliant, Illinois' largest credit union in asset size, is investing $35 million in this year's program. This is 40% more than the $25 million it invested in 2008. According to Alliant President & CEO David Mooney, "The program went so smoothly last year that we gladly agreed to help out again. It's an excellent example of people helping people, the mission of credit unions. Alliant members and their families, as well as other deserving Illinois students, will directly benefit from our financial commitment. What's more, these federally backed securities are a sound investment for Alliant."

Through the program, low-interest Stafford and PLUS loans are made available to Illinois students and their families to finance college and graduate school expenses. Those interested can easily access information and apply online at IDAPP.com

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