CHICAGO — In an effort to help people struggling to pay their student loans during the unprecedented economic challenges facing the state and country, State Senator Emil Jones, III highlighted relief options that could benefit nearly 140,000 Illinoisans. 

“Paying student loan debt is not an essential matter when borrowers are experiencing pay cuts,” Jones (D-Chicago) said. “This is an obstacle borrowers do not need during this tough time. I recommend they contact their loan provider and see if their payments can be waved through the duration of this crisis.”

Under the initiative, spearheaded by Gov. JB Pritzker and Secretary Deborah Hagan of the Illinois Department of Financial and Professional Regulation, people with commercially-owned Federal Family Education Program Loans or privately held student loans who are having a hard time making their payments due to COVID-19 will be eligible for expanded relief.

Borrowers who need assistance are asked to immediately contact their student loan provider to set up a plan. 

Relief options are based on a person’s individual needs and include:

• Providing a minimum of 90 days of forbearance,
• Waiving late payment fees,
• Ensuring that no borrower is subject to negative credit reporting,
• Ceasing debt collection lawsuits for 90 days, and
• Working with borrower to enroll them in other borrower assistance programs, such as income-based repayment.

If a person is having problems contacting their student loan servicer, they can contact the Illinois Department of Financial and Professional Regulation Division of Banking at 217-785-2900 or the attorney general’s student loan helpline at 1-800-455-2456.