Illinois offers to PAY off up to $ 40,000 in student loan debt for new homeowners in a bid to attract buyers in massive $ 25 million program
- The “ SmartBuy ” program will reimburse up to $ 40,000 in student loans per applicant
- Potential buyers with incomes of less than $ 109,200 are eligible
- Nearly 200 buyers have applied for the process since December 1
- Peter Maloney, 26, moves to Illinois with his fiancee after the state pays off his $ 44,000 student loan debt
Illinois is offering to pay off up to $ 40,000 in student loans for new homeowners in an attempt to attract new buyers under a new $ 25 million program check advance eau claire wi.
The Illinois Housing Development Authority’s SmartBuy program will offer a loan equal to 15% of the purchase price of the home or pay off up to $ 40,000 in student loans, whichever is lower. It will also provide $ 5,000 which can be applied towards your down payment or your closing costs.
A couple from Florida considered moving to Indiana before hearing about the SmartBuy program.
“ It definitely made the decision to move easier and buy a house possible, ” says Peter Maloney, 26.
Illinois now offers a $ 25 million program that offers eligible residents up to $ 40,000 in student loan reduction. Pictured: A file photo of a housing estate in Des Plaines, Ill., Advertises a ‘Lot for sale’ sign
Maloney and his fiancee thought his $ 44,000 in student loans would make it nearly impossible to buy a home for several years, but they are now in the process of closing a two-bedroom, two-bathroom condominium in Plainfield, in the ‘Illinois.
Potential buyers with incomes of less than $ 109,200 may be eligible for the SmartBuy program. The price limit for buying a home is between $ 325,000 and over $ 500,000 depending on the type of home and location.
The program plans to help between 500 and 1,000 new homeowners buy their first home.
Illinois is one of several states offering repayment assistant programs and tax incentives for those with student debt.
Maryland also offers a SmartBuy program, where homebuyers who have existing debt of at least $ 1,000 can receive a repayment amount of up to $ 30,000.
Texas offers several programs for those in education, law, and health.
A reimbursement program offers physicians who practice in Texas for four years up to $ 180,000 in scholarships.
Kansas has designated 77 counties in the state as “rural opportunity areas” and offers additional benefits to new owners in those areas.
Kansas has designated 77 counties as “ rural opportunity zones ” where financial incentives are offered to new full-time residents
Some counties offer income tax exemptions for up to five years or student loan repayments of up to $ 15,000 over five years.
At the end of 2020, the Federal Reserve estimated that Americans owed more than $ 1.7 trillion in student loans.
President Joe Biden has called on Education Secretary Miguel Cardona and the US Department of Education to conduct a review of the president’s power to write off up to $ 50,000 in student debt.
Biden has previously said he supports handing over $ 10,000 in student loans, but is now looking at the larger amount after growing pressure from progressive Democratic lawmakers.
Senator Chuck Schumer tweeted Saturday, “Today would be a great day for President Biden and Vice President Harris for #CancelStudentDebt.”
Senate Majority Leader Chuck Schumer (D-NY) speaks during a student debt press conference outside the United States Capitol on February 4 in Washington, DC
Representative Alexandria Ocasio-Cortez attacked President Biden last month for categorically refusing to write off student debts of $ 50,000, which he did not believe had the jurisdiction to write off.
White House Chief of Staff Rob Klain said the memo regarding whether the administration had authority will ‘hopefully’ be released ‘in the coming weeks’ ‘.