Affordable Student Loans for Illinois College Students

Illinois college students deserve the opportunity to pursue higher education and build a strong financial future. The Student Empowerment Fund (SEF), created by Illinois State Treasurer Michael Frerichs, provides capital for lower-rate private student loans that help Illinois students and families manage college costs, reduce student debt, and borrow more affordably.

The program supports Illinois residents attending eligible public or nonprofit colleges and universities in Illinois. Participating lenders offer private student loans with capped interest rates, helping expand access to affordable higher education across the state.

Treasurer Frerichs also oversees Illinois’ nationally recognized 529 college savings programs. Together, these programs support students before and during college and represent a long-term investment in Illinois residents, the state’s workforce and its economic future.

Helping Illinois Students Reduce College Debt