Students applying for financial aid through the Illinois Opportunity Loan (IOP) program may be out of luck and money if they do not act soon.

Bob Clement, director of public information at the Illinois Student Assistance Commission, said that as of April 10, there was only $3.4 million left in the loan fund.

“Right now it is first come, first served. Last week we did $600,000 volume in loan applications and at that rate, the money will not last much longer,” he said.

The IOP program is a loan that is open to all students of sophomore standing or higher and is not based on financial need.

The loan is made through ISAC, which gets the money from the state of Illinois. The state generates the funds through the sale of bonds.

The program was started only a little over a year ago, and is still working off the initial funds generated by the bond sale, he said.

The reason the money is running out is because the program is functioning using the original funds generated for the program. The funds were generated through the bond sale when the program was started a little over a year ago, he said.

“There has been only one bond sale and we are trying to get more money for the program, but there is nothing in place now. If no new way to generate funds is found, the money will run out,” he said.

“If the dollars run out, we will not be able to make any more loans,” Clement said.

“This program is mainly used by students who are not eligible for the Stafford Loan program, and is very popular,” Clement said.

Jerry Augsburger, director of the NIU Student Financial Aid Office, was unavailable for comment.