Awarded by the Dean of The Graduate College. Be accepted for full-time enrollment in a Ph.D. program of The Graduate College. Recipient must agree to accept a position, in teaching or administration , in an Illinois post-secondary educational institution equal to the number of years of the award. The Consortium reviews all applications and determines recipients. Be accepted for full-time enrollment.
Interest rate is variable.
Interest accrues after grace and deferment periods. An origination fee and insurance fee are deducted from the loan proceeds by the lender. The amount of the loan is based on the cost of education less available assets and resources as determined by the Financial Aid office using federal definitions and guidelines. Students with prior Federal Stafford loans must contact lender to sign promissory note. Variable interest rate from the time of disbursement, and interest begins to accrue from the first disbursement.