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 low interest educational loan programs and the State’s only prepaid tuition program, College Illinois!. Financial aid programs are also available from the federal government or state-sponsored or private organizations.
Under the Federal Family Education Loan Program (FFELP), individuals can apply for subsidized and unsubsidized Federal Stafford (student) loans, and PLUS (parent) loans. Since 1966, ISAC has guaranteed nearly $11 billion in federally reinsured FFELP loans. Today, ISAC operates as a national guarantor, consistently ranking among the top ten guaranty agencies in the country in total dollars guaranteed.