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New Student Loan Payment Relief Programs Available In Illinois; State To Distribute $112 Million In Extra Food Stamp Benefits

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CHICAGO (CBS) — Gov. JB Pritzker on Tuesday announced the state has secured agreements with 20 private student loan servicers to provide debt relief programs amid the coronavirus pandemic.

The $2.2 trillion coronavirus stimulus package passed by Congress last month included provided relief for federal student loans – including automatic suspension of monthly payments and interest, and halting involuntary collection activity until Sept. 30 – but the measure left out millions of people with private and non-federal student loans.

Pritzker said the Illinois Department of Financial and Professional Regulation has secured loan relief options with 20 private student loan servicers, allowing borrowers to request:

  • A minimum 90-day forbearance of their loans
  • Waived late fees
  • No negative credit reporting
  • A 90-day pause on debt-collection lawsuits
  • And enrollment in other borrower assistance programs, such as income-based repayment.

The governor said affected borrowers can immediately contact lenders to discuss their options.

Meantime, the governor said the Department of Human Services was also granted its request to expand Supplemental Nutrition Assistance Program (SNAP) benefits for all households with school-aged children, or more than 300,000 households in Illinois.

“No child should ever have to worry about where their next meal is coming from,” he said.

Pritzker said the expansion of food stamp benefits will provide an additional $112 million in assistance statewide. Distribution of the additional funds began Monday, and families who already were receiving benefits will have their extra benefits added to their LINK cards automatically.

Households with children who are eligible for reduced or free school lunches, but who don’t already receive SNAP benefits will be able to apply for benefits soon.

 


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