September 6, 2022

Dear Neighbor,

Financial relief is on the way for student borrowers in Illinois! President Biden’s decision to cancel up to $20,000 of federal student debt and extend the student debt repayment pause will provide financial relief to low and middle-income borrowers. Learn whether you’re eligible for student debt cancellation.

Below are resources to help you navigate student debt cancellation:

• Application: An application for cancellation will become available in October. Borrowers who would like to be notified once the application opens can sign up here. 
• Timeline: Borrowers are advised to submit the application before November 15. The expected timeline for relief after completing the application is 4-6 weeks. 
• Automatic Relief: 8 million borrowers will receive relief automatically since the Department of Education already has relevant data. However, borrowers should still complete an application if they are unsure whether the Department has their income data.  

Student debt is a significant barrier for millions who are hoping to start a family, own a home, start a business, and save for retirement. I understand how heavy a burden student debt is, and how policies that have put the costs of college beyond reach for too many Americans hold our communities back.

Up to 43 million Americans will now receive relief — and nearly 90% of relief dollars will go to those earning less than $75,000 a year, according to the White House. This life-changing announcement will provide Illinois borrowers with much-needed financial security.

Learn more about my work to address student debt and the rising cost of higher education.

Sincerely,