April 21 briefing: Gov. J.B. Pritzker announces relief to student load borrowers in Illinois.
Gov. J.B. Pritzker said Tuesday that relief is coming for Illinois residents paying private and non-federal student loans who are not covered by the CARES Act.
Pritzker said, this newly approved relief allows borrowers to request a 90-day forbearance, waive late fees, give no negative credit reports, pause debt collection lawsuits for 90 days and offer enrollment in other borrower assistance programs.
Services include MOHELA, Navient, Nelnet, Edfinancial, Lendkey Technologies, Upstart and others.
At his daily coronavirus briefing, Pritzker said impacted borrowers can immediately contact their loan provider tot get relief, but even lenders are still getting up to speed on the new plan.
"If for any reason a borrower experiences trouble securing the agreed-upon relief from the provider, you should reach out to the IDFPR, Division of Banking, the Office of the Attorney General or the U.S. Consumer Financial Protection Bureau," Pritzker said.
The federal CARES Act provides emergency assistance and health care response for individuals and families affected by the 2020 coronavirus pandemic, including automatic suspension of monthly payments and interest and halting involuntary collection activity after September 30, 2020.
