How is the state of Illinois handling the student loan debt crisis?

Student debt is a nationwide plague, with many of us still attempting to pay off loans that have racked up. The problem of student loans is so bad that it informs much of today’s presidential platforms. That being said, the fact of the matter is that much of these debates are still precisely that—debates. While the government tries to figure out how to lessen student loans (or remove them altogether), many of us still have to pay them off.

Where Illinois stands versus other states

Student debt may be a nationwide problem, but it’s also true that there are some parts of the country that have it worse off. How does Illinois compare? The St. Louis Business Journal places Illinois at 31st with regards to average debt, where the amount clocks in at $29,692. Over 65% of graduates leave with student debt, however this figure worries many locals, especially as it proves that student debt isn’t just relegated to big-name universities. On the flip side, this ranking shows that Illinois residents still have it relatively better than those in other states. Dayton Daily News reports that average student loans in Ohio remain one of the highest in the nation. The average student loan in 2019 is at $30,629, which is nearly a 5% increase from 2014’s amount of $29,037. As student loans continue to rise, graduates from all across the nation are getting more creative when it comes to finding alternative sources of money whilst paying back their loans. Ohio title loans continue to be a popular avenue for many in need of fast debt relief. The ChoiceCash Title Loan offers convenient payment methods for borrowers, with automatic bank payments or online monthly payments as popular avenues. Lenders and other financial institutions are likewise aware of the student loan issue, which is why flexible loan plans are on the rise.

Recent developments

Education secretary Betsy DeVos recently announced that she would cancel student loans for over 1,500 borrowers from Illinois and Colorado institutions. This news falls in line with findings that show the Department of Education granting over $11 million in aid to unaccredited for-profit institutions, the Illinois Institute of Art being one of them. This news will certainly be a relief to students from these schools who were trying to process loan cancellations. Student loans are often equated to higher education, but the rising costs of schooling could mean that those who want quality education even at the secondary level may have to pay for it. The state’s Invest in Kids program seeks to alleviate this problem by offering grants to students who are studying in private schools. Critics of the Invest in Kids program have also said, however, that this money should instead be spent on public school funding. For many Americans, the problem of student loans often hits too close for comfort. It also seems to be a deep-rooted problem that isn’t going to go away any time soon. Despite Illinois being near in the middle when it comes to the average student debt, the Invest in Kids issue proves that student loans are starting to go beyond the realm of tertiary education.