Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2721 - ALTERNATIVE LOAN PROGRAM
Section 2721.20 - Borrower Eligibility
Universal Citation: 23 IL Admin Code ยง 2721.20
Current through Register Vol. 48, No. 12, March 22, 2024
a) A borrower for an alternative loan must be a student, parent or legal guardian of such a student who is:
1) enrolled, or
accepted for enrollment, at an ISAC-approved institution which has certified
the applicant as eligible for an alternative loan;
2) enrolled on at least a half-time basis,
unless the student is employed full-time while she/he is in school, in which
case she/he may receive a loan while enrolled less than half-time;
3) in good standing in accordance with the
institution's policy of satisfactory academic progress; and
4) a citizen or eligible noncitizen of the
United States or attending an ISAC-approved institution on a student
visa.
b) The borrower, or co-signer if applicable, must be determined to be credit-worthy. In determining credit-worthiness, the lender shall consider information including, but not limited to, the following: debt-to-income ratio, payment histories, prior loan defaults, unsatisfied court judgements, real estate foreclosures, unsatisfied collection accounts, write-offs or repossessions.
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