ISAC sells loan portfolio, plans for financial aid

By Kathleen Foody

The Illinois Student Assistance Commission unanimously approved the sale of $648 million in student loans to two major firms last Friday, said Claude Walker, Director of State Relations for the Commission.

The sale of the loans will finance Gov. Blagojevich’s MAP Plus program, which makes grants up to $250 per semester available to eligible students. Funding for the plan, introduced by the governor as a part of his reelection campaign, has been estimated at $34.4 million to assist 70,000 middle-income students.

Sallie Mae and Nelnet Inc. were the highest bidders out of 15 total bidders.

Walker said students who have loans with the Commission will receive a letter within the next 15 days, but emphasized all borrower benefits, like fixed interest rates currently in place, will be maintained.

Students eligible for MAP Plus can receive up to $250 per semester and will receive their grants through their university’s financial aid office, Walker said.

For more information on the sale and MAP Plus, read this week’s Daily Illini.