The Pritzker administration on Tuesday announced relief options available to student loan borrowers in Illinois as the economy takes a hit amidst the pandemic.
“I’m happy to announce that, as of today, more student loan borrowers in Illinois will now get relief,” said Governor JB Pritzker on Tuesday’s daily briefing.
“IDFPR has worked tirelessly to secure loan relief options with twenty student loan servicers. Impacted borrowers can immediately contact their loan provider to get relief with these new options,” he added.
According to the Pritzker administration, the initiative will benefit over 138,000 Illinoisans with commercially-owned Federal Family Education Program Loans or privately held student loans who are struggling to make their payments due to the COVID-19 pandemic.
These relief options include:
- Providing a minimum of 90 days of forbearance
- Waiving late payment fees
- Ensuring that no borrower is subject to negative credit reporting
- Ceasing debt collection lawsuits for 90 days
- Working with the borrower to enroll them in other borrower assistance programs, such as income-based repayment.
Borrowers are encouraged to contact and file a complaint (with the agencies mentioned below) if they experience trouble with their student loan servicer.
- IDPFR Division of Banking 217-785-2900 for information or to file a complaint with IDFP https://www.idfpr.com/admin/banks/DoBcomplaints.asp
- Attorney General’s Student Loan Helpline at 1-800-455-2456 or file a complaint with the Office of the Illinois Attorney General https://illinoisattorneygeneral.gov/consumers/filecomplaint.html
- The Consumer Financial Protection Bureau https://www.consumerfinance.gov/complaint/