26/10/2026
As we enter college application season, I’d like to make you all aware of the lower cost private education loans available through a program facilitated by Treasurer Michael Frerichs’ office!
Student Empower Fund (“SEF”) partners with reputable lenders to provide private education loans with capped, lower interest rates, to reduce student debt and improve access to college for Illinois residents attending public or private not for profit Illinois colleges.
Currently, under SEF portfolio, average borrower interest rate is 6.11% compared with an average comparable private-market rate of 11.37%. Actual borrower savings vary by loan terms and repayment behavior. SEF borrowers have saved $19,957,144 in interest payments to date, or an estimated $25,739 per borrower.
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Student Empowerment Fund (SEF) facilitates low-rate loans for Illinois residents attending a Illinois University making education more accessible.