WAUKEGAN, Ill. – State Rep. Rita Mayfield, D-Waukegan, is highlighting opportunities for student borrowers to obtain debt relief and financial aid. The Illinois Student Assistance Commission (ISAC) has shared information on federal student loan forgiveness as well as loan forgiveness for those working in public service. ISAC also issued financial aid options potentially available for even more people.
“A little preparation can make a huge difference for those of us facing past or upcoming college costs,” Mayfield said. “Don’t let these opportunities pass by without making sure you are getting everything to which you’re entitled.”
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.
“Education is crucial to upward mobility and paying for it is something that everyone should take an interest in,” Mayfield said. “Don’t lose out on benefits or pay more than you have to. Use these resources and get more information today.”
Mayfield’s constituent service office is reachable at 847-599-2800 or firstname.lastname@example.org.
245-E Stratton Office Building
Springfield, IL 62706
120 S Genesee St.
Waukegan, IL 60085
(847) 599-2955 FAX