New financial relief for student loan borrowers who were not covered under the federal CARES Act was announced by Governor JB Pritzker:

“Under this new initiative, Illinoisans with commercially-owned Federal Family Education Program Loans or privately held student loans who are struggling to make their payments due to the COVID-19 pandemic will be eligible for expanded relief. Borrowers in need of assistance must immediately contact their student loan servicer to identify the options that are appropriate to their circumstances. Relief options 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
– Working with borrower to enroll them in other borrower assistance programs, such as income-based repayment.”

To find out if you qualify for this relief, please contact the U.S. Department of Education’s Nation Student Loan Data System at NSLDS.ed.gov or 1-800-433-3243 for questions about federal loans. For private loans, please contact your lending company directly.

You can find more information on this program at https://coronavirus.illinois.gov/s/student-loans.

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