State student loan sale nearing

SPRINGFIELD – Bidding ends today on the first piece of the state's student loan portfolio, a sale to fund scholarships that were already promised to 70,000 middle-income students.

The winning bidder will give the Illinois Student Assistance Commission a lump sum in return for the borrowers' monthly principal and interest payments during the remaining life of the loans. ISAC expects to make enough to repay the bonds it sold to cover the loans initially, plus another $35 million or so.

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