Are there any grants or scholarships available to help with student loan repayment?

Yes, there are grants and scholarships available to help with student loan repayment in Illinois. The Illinois Student Assistance Commission, or ISAC, offers several programs that can help borrowers who received student loans to pay for their higher education. Grant funding is available through the ISAC’s Monetary Award Program for Illinois high school graduates who demonstrate financial need. This grant does not need to be repaid, however, it is only available to students enrolled in an approved post-secondary institution in Illinois. The Illinois State Treasurer’s Office also offers an incentive program for borrowers who are delinquent on student loan payments. This program helps borrowers who have defaulted on their loans by providing monetary awards that can be applied toward their student loan debt. The amount of the award varies based on the amount of the loan and the borrower’s income. Lastly, the Illinois Department of Financial and Professional Regulation (IDFPR) administers two grants that provide assistance to borrowers struggling to pay off their student loans. The IDFPR’s Student Loan Repayment Program and Student Loan Refinancing Program offer reduced loan interest rates and other benefits to eligible borrowers in an effort to help them pay off their loans. In addition to these grant and scholarship opportunities, there are several other resources available to borrowers in Illinois who are struggling to pay off student loan debt. To learn more about repayment options and services available in Illinois, borrowers can contact their lender or the ISAC.

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Are there any grants or scholarships available to help with student loan repayment?

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