ISAC to Promote National Credit Education Week

SPRINGFIELD – The Illinois Student Assistance Commission (ISAC) is participating in National Credit Education Week (NCEW), sponsored by the Association for Credit and Collection Professionals (ACA) International, for the fourth consecutive year as part of the Commission’s student loan default prevention efforts. The theme of this year’s National Credit Education Week is “Take the Credit Challenge” and represents a public service campaign to educate consumers on the basics of personal finance.  This year’s National Credit Education Week is being celebrated April 18 -23, 2005. 

As part of the week’s events, Governor Rod R. Blagojevich has proclaimed the week as “National Credit Education Week” in Illinois.  Educational materials and posters will be made accessible to Illinois high schools, colleges, libraries, and community-based organizations interested in participating in the awareness campaign.

"Sound financial management requires hard work and a strong commitment. However, using credit wisely helps build financial health and peace of mind,” said Larry Matejka, Executive Director of ISAC. “ISAC is proud to participate in the National Credit Education Week and will offer services to educate student borrowers on ways to control spending, budget their income and solve student loan problems before they get out of control.”

ISAC’s Default Prevention Outreach staff has developed an array of literature on credit education to assist Illinois colleges and universities in educating their students on how to manage their finances.  Additionally, “Credit Card Smarts” and “Parents Smarts: Credit Information Series for Parents” information fact sheets developed by the University of Illinois Extension are available to view or download, in both English and Spanish, at collegezone.com. 

To further combat improper student spending, ISAC offers personal finance literacy seminars at schools.  Last year, ISAC representatives conducted over 90 personal finance seminars across the state to students who are considered at-risk to default on their student loans.  These interactive seminars, which include topics such as budgeting, credit card use, and credit reports, have been evaluated as highly useful by students who have attended them.

Financial aid administrators interested in conducting a personal finance seminar at their school should contact ISAC’s School Services at 866-247-2172.  Students and families interested in receiving more information about ISAC’s programs and services, including Student Loan Default Prevention, should contact the agency at 800-899-ISAC (4722) or visit the Web site at collegezone.com. Bilingual telephone representatives are available.

About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.