After a three-year pause during the pandemic, student loan payments are set to resume this fall, which affects more than 1.6 million Illinoisans.
Eric Pillado talks about his educational loan debt while at home with his dog, Cooper, in a Streeterville apartment on Aug. 16, 2023, in Chicago. Pillado is in his sixth year of a seven-year residency in vascular surgery.freshman at Carthage College in Wisconsin. Her parents had declared bankruptcy three weeks before school started, she said, so she knew the only way forward was through borrowing.
The White House has said that under that plan, 20 million people would have seen their debt canceled entirely. In January, the White House said that more than 1 million Illinois borrowers had applied for or were deemed automatically eligible for debt relief. That program would have forgiven $10,000 in student debt for individuals making less than $125,000 or families making less than $250,000. Pell Grant recipients would have been eligible for an additional $10,000 in canceled debt.
“I literally don’t make enough money to pay those loans,” Nesbitt said. “So they will not get money from me if that’s what they want it to be, because there’s literally no way.”In a fall 2022 survey by the Student Debt Crisis Center, a nonprofit that advocates for student debt reform, 30% of borrowers said they would reduce spending on expenses such as food, rent and health care in anticipation of payments restarting.
According to a study by credit agency TransUnion, 26% of borrowers restarting payments around the country would have payments of less than $100 a month, while about half were expected to have a payment of more than $200. Andrea Cordes, 29, considers herself “one of the lucky ones.” She’s managed to cut her $19,000 in debt down by nearly half since graduating from Ferris State University in Michigan in 2017.
“It’s definitely going to make an impact,” Cordes said. “I’m not paying thousands of dollars for student loans, but it’s definitely cutting into my grocery money because I still have to pay for rent.” Six years after leaving her doctoral program, Bradley still owes about $48,000 in student loans, she said.
The discharges that began last week are an attempt by the Biden administration to remedy what it describes as “past administrative failures” that caused some borrowers’ payments to go uncounted toward forgiveness. Pillado is in his sixth year of residency as a vascular surgeon and had spoken with private loan collectors about a possible deferment once the student loan freeze ends in October. But this time, the collector didn’t want to hear it, Pillado said.
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