Illinois students struggling to obtain traditional college loans have a new option to borrow money for in-state higher education costs thanks to a new program Illinois Treasurer Michael Frerichs unveiled recently. The new Funding U Illinois No-Cosigner Loan is part of the Student Empowerment Fund, Treasurer Frerichs’ plan to provide private college loans for Illinois residents at lower rates than private competitors and help bridge the gap with federal financial aid. The No-Cosigner Loan joins ISL Education Lending’s Illinois Partnership Loan and Illinois College Family Loan options. Funding U is working with the State Treasurer’s Office to offer the Illinois No-Cosigner Loan. The program’s aim is to focus on the dedication and achievements of students rather than their lack of a credit score or cosigner’s financial status. The Illinois No Co-Signer Loan is open to Illinois residents attending an Illinois public or private not-for-profit university or college and is an attractive option for students who have maxed their grants, scholarships, and financial aid and have no access to a co-signer. The fixed annual percentage rate ranges from 7.99% to 9.49%. A no-cosigner student loan option at a competitive rate has not been available to Illinois students until now. For more information, visit www.il-sef.com/borrowers