Help for Those Struggling with Student Loan Debt

The federal CARES Act provided much-needed relief for those with federal student loans who are struggling as a result of the COVID-19 pandemic, including automatic suspension of monthly payments and interest, and halting involuntary collection activity until after September 30, 2020.

The Illinois Department of Financial and Professional Regulation has taken action to provide similar support to borrowers paying back private and non-federal student loans, securing relief options with twenty student loan servicers including MOHELA, Navient, Nelnet, Edfinancial, Lendkey Technologies, Upstart, and more. 

Student loan borrowers can request a 90-day forbearance, waived late fees, no negative credit reporting, the pause of debt collection lawsuits for 90 days, and enrollment in other borrower assistance programs. Impacted borrowers should contact their loan provider to determine their options.

If any borrower experiences trouble securing the agreed-upon relief from their provider, they can file a complaint with the IDFPR Division of Banking, the Office of the Illinois Attorney General, or the U.S. Consumer Financial Protection Bureau.