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ICYMI: A $25 million Illinois program is paying off student loans to encourage homeownership

From the Chicago Tribune

From the article:

... The program will pay off up to $40,000 in student loans, or a loan amount equal to 15% of the home purchase price, whichever is lower. It will also provide a $5,000 loan toward a down payment or closing costs.

The state allocated up to $25 million to the program in Gov. J.B. Pritzker’s 2019 Rebuild Illinois capital plan. The money is expected to serve between 600 and 1,000 homebuyers.

To date, the agency has paid off an average of $24,100 in student loan debt for each buyer.

Read the full article here.

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