Illinois e-News Release

FOR IMMEDIATE RELEASE

June 30, 2023

Contact: Lynne Baker

847.831.8024

CHICAGO--The Biden-Harris Student Loan Debt Relief Program that was blocked by the Supreme Court today would have provided up to $20,000 in one-time student loan relief for eligible borrowers. The U.S. Department of Education has estimated that approximately 90 percent of student debt relief under the program was expected to go to individuals earning less than $75,000 per year. According to the Department of Education, more than one million borrowers in Illinois would have been eligible for relief under the plan; almost 680,000 applications from Illinois borrowers had already been approved for relief.

With the pause on student loan repayment ending and payments due starting in October, it’s important for student loan borrowers to know that there are student loan repayment plans available to assist borrowers who may be struggling with payments, including updated income-driven repayment (IDR) plans that can make payments more affordable, depending on income and family size. To help ensure that borrowers are taking the steps necessary to be ready for repayment to resume this fall, the Illinois Student Assistance Commission (ISAC) encourages students to visit studentaid.gov, visit the ISAC Return to Repayment webpage, and to take advantage of free ISAC webinars covering return to repayment.

About ISAC

The mission of the Illinois Student Assistance Commission (ISAC) is to provide Illinois students with information and assistance to help make education beyond high school accessible and affordable. ISAC provides comprehensive, objective, and timely information on education and financial aid for students and their families—giving them access to the tools they need to make the educational choices that are right for them. Then, through the state scholarship and grant programs ISAC administers, ISAC can help students make those choices a reality. Find us at isac.org or on Facebook (@ILStudentAssistance), Twitter (@ISACfinaid) Instagram @ISACfinaid, and on YouTube.