Here's how you can to manage student loans ahead of a Supreme Court ruling on on the Joe Biden administration's debt relief program.
CHICAGO --As the country waits for a ruling from the Supreme Court on President Joe Biden's student debt relief program, our I-Team looked at how consumers can control that debt now. The ABC7 I-Team spoke with one Chicago student focusing on his future as he waits to see if some of his loan balances will be forgiven.
"This country, they go out of their way to forgive the PPP loans, they forgave big oil, they forgave big banks but at the end of the day, don't you want to invest in the future of your country?" said Hassan. The ABC7 Data Team found that there are 1.7 million student loan borrowers in Illinois. They average $38,000 in loans. Those numbers total to almost $65 billion in Illinois student loan debt, making Illinois ninth highest in the nation when it comes to total loan amounts owed.
For now, you can sock away those payments in a personal emergency fund. Then, go to the federal government's"Use the payment calculator to find the lowest payment if that's what you need, or the shortest payoff time if that's what you want to do. You know, the quicker you pay, the less interest you pay," said Lins.
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