Makes $35 million profit
SPRINGFIELD, IL (AP) -- Illinois sold part of its student loan portfolio Friday and will use the $35 million profit from the deal to fund college scholarships.
The Illinois Student Assistance Commission sold about $640 million worth of loans from its portfolio to two private companies. The portfolio had a total value of nearly $4 billion.
The sale involved more than 75,000 loans held by more than 42,000 borrowers.
The commission says the average borrower owes about $15,000.
Illinois Attorney Gen. Lisa Madigan ruled last year that Gov. Rod Blagojevich had the authority to sell parts of the portfolio, but money from the sale must go back into accounts related to student loans.
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