National Credit Education Week

SPRINGFIELD – Governor George H. Ryan has proclaimed the week of April 15-20, 2002 to be “National Credit Education Week” in Illinois.  The Illinois Student Assistance Commission (ISAC), in cooperation with the Association of Credit and Collection Professionals, is co-sponsoring National Credit Education Week as part of the agency’s educational program designed to help consumers realize the value of good credit.

“The need for personal finance education is just as important as reading, writing, and arithmetic,” said Larry Matejka, ISAC’s Executive Director.

ISAC has traditionally educated students who borrow student loans to help pay for college about the importance of repaying those loans in a timely and consistent manner.  Failure to repay student loans can result in loan default, leading to damaged credit.  “And without good credit, borrowers can find it very difficult, if not impossible, to purchase big-ticket items, like a house or a car.  It may even affect their ability to gain certain employment,” Matejka explained.

This year represents the first year that ISAC is participating in National Credit Education Week.  ISAC will be presenting credit education and default prevention information to college financial aid officers at the annual conference of the Illinois Association of Student Financial Aid Administrators (ILASFAA) later this month.  Financial aid officers will obtain valuable information and education publications to share with students as they talk to them about borrowing student loans.   A copy of the personal finance education presentation is available on ISAC’s Web site at www.collegezone.com.

National Credit Education Week is endorsed by the Association of Credit and Collection Professionals, CBM Credit Education Foundation, and the National JumpStart Coalition for Personal Financial Literacy.  The goal is to remind consumers that by paying bills promptly and using credit wisely, they are developing good money management habits that will benefit their financial health and peace of mind.

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.