Listeners:
Top listeners:
Revolution Radio Your home for the best variety of Christian music
Heartland Newsfeed Radio Network Heartland Newsfeed Radio Network
Heartland Newsfeed Radio Network (Abovecast Backup) Heartland Newsfeed Radio Network
Home For The Holidays Radio
Big Sports Radio (Weekend of August 16, 2024) LMBC Sports, LLC
SPRINGFIELD (The Center Square) – Illinois has the seventh highest student loan debt in the nation, standing at $61.6 billion for 1.6 million borrowers. Illinois candidates for the U.S. Senate differ on President Joe Biden’s plan to “forgive” some student loan debt.
Biden on Wednesday announced taxpayers will cover up to $10,000 in student loan debt for individuals making $125,000 or less and families making $250,000 or less. An additional $10,000 will be paid for by taxpayers for those who received Pell Grants.
Critics of Biden’s plan say it will increase the federal debt that now stands at nearly $31 trillion. They also say it will add to 40-year-high inflation because of the increased federal spending. They also say that taxpayers shouldn’t be responsible for others’ borrowing decisions.
Biden’s plan also will allow borrowers to cap repayment of their loans at 5% of their income, and it extends student loan repayment “one final time” through Dec. 31 of this year, according to the White House.
EducationData.org shows Illinois’ total student debt is $61.6 billion, with an average of $37,757 per borrower.
“Illinois residents are slightly less likely to have student loan debt but have a higher average balance remaining,” Melanie Hanson, senior editor for the Education Data Initiative, wrote. “54.5% of them are under the age of 35.”
WalletHub reviewed all 50 states and the District of Columbia along with 11 metrics of indebtedness and earning opportunities. They range from student debt to unemployment rates.
“At the end of the first quarter of 2022, total outstanding college-loan balances stood at nearly $1.61 trillion, according to the Department of Education,” the study said. “That comes out to an average of $37,000 for each of the 43.4 million borrowers.”
Illinois ranked 26th for student loan indebtedness and 39th for grant and student work opportunities.
[adrotate group=”14″]U.S. Sen. Tammy Duckworth (D-Schaumburg) told media at an unrelated event Wednesday that she’s in favor of up to $50,000 of student loans per individual to be covered by taxpayers. She also advocated for floating interest rates, the ability to declare bankruptcy, and service credits for education.
“There’s a lot that needs to be done,” Duckworth said. “We should be able to have folks graduate without the oppressive debt that folks will live with for 20 to 30 years.”
Duckworth’s Republican opponent, Kathy Salvi, warned the measure will result in higher tuition and will hurt lower to middle-income families.
“This is just, simply put, playing politics,” Salvi said Wednesday.
Greg Bishop reports on Illinois government and other issues for The Center Square. Bishop has years of award-winning broadcast experience and hosts the WMAY Morning Newsfeed out of Springfield.
The Center Square -- formerly known as Watchdog.org and the Illinois News Network -- and their reporters represent 18 states across the United States as the taxpayers' watchdog, exposing the way government really works.
Subscribe to get the latest posts sent to your email.
Written by: Greg Bishop, The Center Square and The Center Square
2022 Illinois U.S. Senate election 2022 U.S. Senate election 2022 U.S. Senate election in Illinois Decision 2022 Education Data Initiative Election 2022 illinois news Joe Biden Kathy Salvi Melanie Hanson student loan debt student loan forgiveness Tammy Duckworth U.S. Department of Education WalletHub
Daily deadlines
News and sports submissions: 11 p.m. Central
Advertising, legals, obituaries: 5 p.m. Central
Monday-Friday deadlines
Other business inquiries: 5 p.m. Central
Publication times
Late breaking news as it happens
Normal publication: 11 p.m. Central daily
Other news: Published as it’s made available
Some rights reserved 2017-2024 by Heartland Newsfeed, a Heartland Media Group of Central Illinois and Eastern Missouri media property. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. Pro Radio theme designed and developed by Qantum Themes S.L.U.
Post comments (0)