CHICAGO – State Rep. Angelica Guerrero-Cuellar, D-Chicago, encourages those with outstanding student loans to apply for one-time relief and be in the know about developing loan forgiveness information.
“Student loan debt continues to cripple young people across this country, with borrowers having to choose whether to pay their loan balance, rent, or grocery bills. But it doesn’t have to be this way,” Guerrero-Cuellar said. “Under the federal government’s plan, eligible borrowers can slash a significant portion of their student loan bill. This relief is a great start to lifting people out of poverty and empowering them to build their financial future.”
The Department of Education will relieve up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. Borrowers who make less than $125,000 individually are eligible for loan forgiveness. Scamming operations will likely increase, so those that are looking for definitive information should consult the U.S. Department of Education website www.studentaid.gov.
“It’s really important that people have verified information about this program, so I encourage everyone to be especially careful of scammers and untrustworthy sites and consult only the U.S. Department of Education website,” Guerrero-Cuellar said. “We have to do more to erase student loan debt, but I hope everyone takes advantage of this loan forgiveness opportunity.”
During the Fall, the Illinois Student Assistance Commission (ISAC) will host the College Changes Everything Campaign which sponsors workshops and other resources to help prospective college students navigate financial aid and college applications. For more information on ISAC-supported events open to the public, visit studentportal.isac.org/events.