“I am very glad to hear that Illinois will be expanding relief to assist students who are experiencing financial hardship as a result of COVID-19 that weren’t covered under the federal assistance,” Moylan said. “When all non-essential businesses and their employees are not allowed to operate, it is only fair that economic relief is provided to them.”
The federal CARES Act suspended all payments, interest and collection activity through Sept. 2020 for borrowers with federal student loans. Illinois is expanding relief to borrowers holding privately or commercially owned student loans. Such relief options include 90 days of forbearance, waiving late payment fees, no negative credit reporting, ceasing collection lawsuits for 90 days and enrollment in borrower assistance programs such as income based repayment. Borrowers seeking relief are encouraged to immediately contact their provider to identify the options best suited for them and proper course of action to obtain them.
Borrowers inquiring about who their providers are and which type of loans they have can visit nslds.ed.gov or call 800-433-3243. Borrowers with private loans should use the contact information provided in their billing statements.
“This expansion will help provide much needed relief for thousands of Illinois residents during this unprecedented crisis,” Moylan said. “We need to ensure that anyone in need of financial relief can receive it during this pandemic, and this expansion will help provide that relief.”
Residents with concerns about COVID-19 are encouraged to call the Illinois Department of Public Health’s hotline at 1-800-889-3931 or email DPH.SICK@ILLINOIS.GOV. To stay up to date with all new information about COVID-19, visit coronavirus.illinois.gov.
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