PEORIA, Ill. – With applications now open, state Rep. Jehan Gordon-Booth, D-Peoria, is encouraging eligible residents to apply for student loan relief through the Student Loan Debt Relief Plan and the Public Service Loan Forgiveness program.
“These loan forgiveness programs offer people the opportunity to receive assistance paying off their student loans,” Gordon-Booth said. “The application process may seem intimidating, but with the proper resources and guidance, the application will be simple and well worth your effort.”
The Student Loan Debt Relief Plan is a program designed to provide low and middle-income families with some student loan forgiveness, providing applicants with up to $20,000 in debt assistance. Those eligible are applicants whose individual income is less than $125,000 or $250,000 for married couples. Applicants who have received the Pell Grant will receive up to $20,000 in assistance, and all other borrowers will be provided up to $10,000. Those who qualify have until Dec. 31, 2023, to apply. An online application and additional information are available at https://studentaid.gov/.
Additionally, individuals employed for ten years or more by nonprofits, the military, or federal, state, Tribal, or local government may qualify to receive full student loan forgiveness through the Public Service Loan Forgiveness (PSLF) program. The eligibility status for PSLF is subject to change in the upcoming weeks, and currently borrowers can receive credit for past periods of repayment that would otherwise not qualify for PSLF. To qualify for these temporary eligibility changes, an application must be submitted by Oct. 31, 2022. Additional information is available online at https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service.
“These programs aim to aid those struggling to pay their student debt because going to college should not hinder your ability to live a financially successful life post-graduation,” Gordon-Booth said. “I urge all who qualify to take advantage of this opportunity and apply for these loan assistance programs.”