As the cost of everything seems to be increasing, college students are not immune. Tuition, books, room and board and general living expenses are all getting pricier. Students depend on parents, jobs and potentially loans for financial support. However, recent turns in the economy have affected students’ chances of acquiring student loans.

At NIU, 73 percent of current students receive some sort of financial assistance, according to the U.S. University Directory.

The good news is the Illinois Student Assistance Commission (ISAC) and eight Illinois credit unions plan to counterbalance the crisis. Self-described as a “one-stop financial aid center,” ISAC “administer[s] most of the key state and federal grant, scholarship, loan and prepaid tuition programs available to postsecondary students,” according to the ISAC Web site.

Claude Walker, director of media affairs for ISAC and an NIU alumnus, explained the credit crisis began about a year and a half ago when the housing market collapsed causing banks to close.

“Students in Pennsylvania and Massachusetts are hurting right now because both state and private industries feel it’s no longer profitable to loan money to students,” Walker said. “A student might have to go to a private lender. They could have an interest rate as high as 20 percent – much higher than a state loan interest rate of about 6 percent.”

With four states no longer offering students loans, the ISAC took notice of a plan developed in North Carolina to combat the problem. The plan can hopefully be adapted for Illinois students.

“[This plan] was inspired by a partnership in North Carolina about six months ago. The governor of North Carolina turned to credit unions for help for students who need loans,” Walker said. “We realized there would be financial need here as well so we contacted the Illinois Credit Union League. They put the word out and invited eight different credit unions who have at least $500 million in assets each, meaning they have enough liquidity to make loans.”

The money will go to Federal Stafford loans and will be geared mostly toward lower-income students and freshmen. Students who did not think about getting a loan until it was “too late” can still apply for this loan if they show financial need because the process of applying and receiving is fairly short.

ISAC board members will meet this Friday in Edwardsville, Ill., to either approve or reject the proposed partnership between ISAC and the credit unions for increased funding. The proposed plan will secure about $100 million for Federal Stafford Loans. With the average loan being about $5,000, they will be able to help as many as 20,000 Illinois college students. If the plan is approved, students can apply through the ISAC lending arm, the Illinois Designated Account Purchase Program.

“We’re very happy,” Walker said. “We are first in the nation to be doing something like this. It’s not a done deal, but I don’t see why it wouldn’t be passed.”

Students, this may be your chance to take advantage of additional financial aid. Not having enough money will (hopefully) no longer be a viable excuse for not continuing your education. Despite the downturn of the market, college students still have an opportunity to attend school and they shouldn’t take that fact lightly.