NORTHBROOK, Ill. – State Rep. Jonathan Carroll, D-Northbrook, is notifying constituents of opportunities to obtain both financial aid as well as relief from college debt. The Illinois Student Assistance Commission (ISAC) has released information on federal student loan forgiveness as well as loan forgiveness for those working in public service. ISAC also has financial aid options potentially available for even more people.
“Don’t leave significant potential savings on the table,” said Carroll. “There’s no reason not to take advantage of this opportunity to find out if you may qualify for relief.”
President Joe Biden recently issued an executive order making federal student loan borrowers eligible for up to $10,000 in student loan forgiveness—or up to $20,000 for Pell Grant recipients—if their individual income is less than $125,000 per year. Applications are now available and must be completed no later than December 31, 2023. Borrowers may apply by visiting https://studentaid.gov/debt-relief-announcement/one-time-cancellation.
In addition, borrowers who have made 120 qualifying student loan payments while working for an employer qualifying as “public service” may have their remaining balance forgiven. A limited waiver is available until October 31 expanding eligibility for payments under certain conditions. Borrowers may visit https://www.isac.org/pslf for more information.
Finally, all borrowers can apply for federal student aid via the 2023-24 Free Application for Federal Student Aid (FAFSA®), which is available now.
“There is a limited time for borrowers to qualify for these valuable opportunities,” said Carroll. “Don’t wait. Check today to see if you can save yourself a lot of money on the cost of school.”
Carroll’s constituent service office is reachable at 847-229-5499 or email@example.com.