CHICAGO — Gov. J.B. Pritzker on Tuesday announced a program to bring relief to student loan borrowers throughout Illinois.
While the Coronavirus Aid Relief and Economic Security (CARES) Act provided help for borrowers of federal loans, like automatic suspension of monthly payments and interest and the halting involuntary collection activity through September 30, 2020, it didn’t provide for private and non-federal loan borrowers.
The Illinois Department of Financial and Professional Regulation secured loan relief options with 20 different lenders.
Borrowers now have the option of a minimum of a 90-day forbearance, as well as no late payment fees, no negative credit reporting, no debt collection lawsuits for 90 days, and assistance with enrollment in assistance programs like income-based repayment.
Lenders include Navient, Nelnet, Edfinancial, and Upstart.
Pritzker said borrowers can immediately contact their lenders to get relief, but cautioned “this is new, so even the lenders are getting up to speed on this.”
He said if a borrower experiences trouble with their lender, they can reach out to the IDFPR Division of Banking, the Illinois Attorney General’s Office, or the U.S. Consumer Financial Protection Bureau.
The Illinois Department of Health reported 1,551 new COVID-19 cases across the state and 119 new deaths. One of those deaths was a Woodford County woman in her 70s.
The state’s total numbers are 33,059 cases, including 1,468 deaths, spanning 96 counties.
However, those data aren’t without some encouraging news, according to IDPH Director Dr. Ngozi Ezike.
“54 percent of the cases reported less than two weeks ago report no longer having symptoms and being recovered,” she said.
“It’s also important to note 60 percent of all the ventilators in the state are available for use.”
Ezike said just over half the ventilators being used are being used by patients with COVID-19.
Comments