Illinois Extends Payment Relief For Student Loan Borrowers Chicago News
Illinois residents struggling to repay their student loans may soon get some relief.
On Tuesday, Governor JB Pritzker said the state had guaranteed relief options for student loan borrowers who were previously not covered by the federal CARES law, which provides relief to those with federal loans, but not to those with private loans or federal loans owned by the federal government.
According to Pritzker’s office, the state has secured relief options with 20 private loan managers, which could help more than 138,000 residents.
“In this time of unprecedented financial hardship, it was essential to find a way to provide relief to all student borrowers who are experiencing financial hardship due to the COVID-19 pandemic,” said Deborah Hagan, secretary of the finance and credit department. Illinois professionals. Regulation, in a statement.
Illinois residents who have commercially-held Federal Family Education Program loans or private student loans who are struggling to make payments due to the COVID-19 pandemic will be eligible under the new initiative .
Borrowers who need help should contact their student loan manager to identify options that are right for them. According to the governor’s office, relief options include:
– Provide a minimum of 90 days of abstention
– Waiver of late payment fees
– Ensure that no borrower has negative credit reports
– Cease debt collection proceedings for 90 days
– Work with the borrower to enroll them in other borrower assistance programs, such as income based repayment.
While regulated student loan managers are limited in their ability to take such action due to investor restrictions or contractual obligations, managers should proactively work with loan holders whenever possible to ease those restrictions or bonds, according to the governor’s office.
If a borrower is having difficulty with their student loan manager, they should file a complaint with the IDFPR banking division (217-785-2900), contact the Attorney General’s helpline for student loans (800-455-2456), file a complaint with the Illinois Attorney General’s Office, or file a complaint with the Consumer Financial Protection Bureau.
Borrowers can visit the Department of Education’s National Student Loans Data System to determine what types of federal loans they have and who their administrators are, or call the Department of Education’s Federal Student Aid Information Center at 800-433-3243 or 800-730-8913 ( TDD). Borrowers with private student loans can check the contact details listed on their monthly billing statements.
The Illinois Department of Public Health on Tuesday reported 1,551 additional COVID-19 cases and 119 deaths, bringing the totals to 33,059 and 1,468, respectively. Statewide, 96 of Illinois’ 102 counties have been affected, according to the IDPH.
During his daily press briefing on Tuesday, Pritzker was asked about plans for his stay-at-home order, which is set to expire on April 30. The governor said he was “working to make changes” to the order, and residents should not expect a mass. business openings on May 1st.
While there are changes to the stay-at-home order, Pritzker says it works. “To remove it, as I see some other governors may want to do, removing it completely is just reopening everything to infection,” he said.
Chicago Mayor Lori Lightfoot said on Tuesday she expected Pritzker to extend the order beyond April 30, which is “no longer a viable date” for its lifting. “I would expect an extension of the stay-at-home order… until some time in May,” Lightfoot said.
The order could also be extended until June, Lightfoot said. “We’re not even close to being out of the woods,” she said.
Pritzker acknowledged that the state was “weeks away” from seeing its peak in the number of cases. “In order for us to really open things up, we need (contact) tracing, we need testing and we need available treatment, and we need widespread availability of PPE.” , said Pritzker. “And we don’t have these things available today.”
Coronavirus prevention tips and resources
Authorities advise taking preventive measures to slow the spread of the virus, including:
– Wash hands for at least 20 seconds with soap and water
—Use a hand sanitizer containing at least 60% alcohol
—Born or cough into a tissue, then throw the tissue away
—Limit contact with people, no matter how you feel
– Stay home when you are sick
Symptoms of COVID-19 include, but are not limited to:
—New onset of fever, cough, shortness of breath
—Congestion of the nasal sinuses or lungs
– Sore throat, body aches or unusual tiredness
If you think you have COVID-19:
Call your doctor before coming to their office. If you have a medical emergency and need to call 911, tell the operator you think you have COVID-19. If possible, wear a mask before medical help arrives or a presentation at the doctor’s office. More advice for those who think they have COVID-19.
–Centers for Disaster Control and Prevention
–Illinois COVID-19 Website
–Illinois Department of Public Health (IDPH) website
– IDPH COVID-19 Hotline: 800-889-3931
– COVID-19 IPDH mail link
–City of Chicago COVID-19 Website
– City of Chicago COVID-19 Hotline: 312-746-4835
– City of Chicago COVID-19 Mail Link