Student Loans

SPRINGFIELD, Ill. (AP) -- Making a good-faith effort to pay off your student loans might pay off in another way.

The Illinois Student Assistance Commission is launching a new program called the College Illinois! Capstone Loan. It will cut the loan balance by two percent for borrowers who make less than 30-thousand-dollars and who make 12 on-time payments in a row.

It's the first time the commission has offered to reduce loan balances.

The loan being offered to students this fall also offers lower interest rates for graduates who stay and work in Illinois or who earn less than 50-thousand-dollars.

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