Illinois agency reminds residents of Public Service Loan Forgiveness Program for student loans

CHICAGO – The Illinois Department of Financial and Professional Regulation announced the Department has issued a letter to all federal student loan servicers encouraging them to help alert and educate eligible student loan holders about the Public Service Loan Forgiveness program. PSLF forgives the remaining student loan balance of full-time government and certain non-profit employees after making 120 qualifying payments. In order for more borrowers to qualify for forgiveness, President Biden announced temporary changes to the program, including waiving some past requirements. Officials say many borrowers are unaware of these changes and may miss out on loan forgiveness as a result. The temporary changes expire on October 31, 2022.

“Alleviating student loan debt and protecting borrowers are top priorities of the Pritzker Administration and IDFPR,” said Mario Treto, Jr, Secretary of the Illinois Department of financial and Professional Regulation. “In the case of PSLF, too many borrowers have been denied or not told about the benefits of the program. We want to work with the loan servicers to fix this problem.”

For more information regarding PSLF and the tempary changes, please visit: https://studentaid.gov/pslf/