Students in need of money for the fall semester still have time to apply for a loan.

The Illinois Opportunity Loan Program provides low-interest loans administered by the Illinois Student Assistance Commission, said Bob Clement, director of public information at ISAC.

The IOL is designed for students from middle-income families who usually do not qualify for need-based financial aid and loans, Clement said.

Although the amount of dollars is limited, there is still money available for the fall semester on a first-come, first-serve basis, he said.

Since the loan is not based on need, any full-time student at the sophomore level or above is eligible to borrow a minimum of $1,000, Clement said.

However, students applying for the IOL must apply for the Stafford Loan first, he said.

The student can receive a combination of loans, but the amount cannot exceed the limit for the regular Stafford Loan, he said.

Unlike the Stafford Loan, which is federally subsidized, IOL borrowers are required to pay the 8 percent interest rate while still in school on a quarterly basis, Clement said.

ISAC serves as the direct lender with money generated by the sale of bonds, he said.

Clement said since the program started about a year ago, he has seen a great deal of interest by middle-income students.

Judy Seebach, supervisor of the student loan processing area, said over 750 NIU students received the IOL last year and the numbers are expected to double or triple in the 1991-92 school year.

The average amount borrowed is about $3,000, Seebach said.

“Don’t borrow unless you need to borrow,” Clement said.

Applications are available in Swen Parson Hall.