Last updated on December 16, 2022
*NEW* Federal Student Loan Cancellation
The Biden Administration announced that borrowers earning less than $125,000 per year in income are eligible to have $10,000-20,000 of student loan debt cancelled. Go to the Student Loans section under Option 1: Get Help Lowering Bills to learn more.
*NEW* Mortgage Assistance through ILHAF
Applications for the Illinois Homeowner Assistance Fund are open until January 31, 2023. Eligible applicants can receive up to $60,000 in mortgage assistance. Visit illinoishousinghelp.org/ilhaf to apply.
Prefer Talking to a Live Person? Ask a Financial Coach.
Capital Good Fund’s financial coaching hotline provides one-on-one financial advice to any Illinois resident. Starting at $15 per month, the nonprofit can create a plan with you and can advocate on your behalf with creditors. They also offer a credit-builder program for $5 per month. Call 866-584-3651 (English or Spanish).
Working Credit NFP is a nonprofit that offers free financial counseling to help you build your credit, understand the credit system, and create a plan to reach your financial goals. Their credit building counseling program includes unlimited one-on-one support and coaching for 12 months for free. Sign up online (English and Spanish).
The City of Aurora’s Financial Empowerment Center provides free, high-quality, one-on-one financial counseling to low-and moderate-income residents of the Aurora region. Learn more.
Many credit unions also offer free or low cost financial coaching. Check with your local credit union to learn about their offerings, and check the list under Option 3: Lower Cost Loans if you need help finding a credit union.
Acknowledgments
This resource guide is produced in partnership with New America Chicago, Woodstock Institute, and Financial Inclusion for All Illinois.
Special thanks to all the hardworking nonprofits, socially-conscious lenders, and community partners who are helping restore wealth in our communities. Your work is so important! Thanks also to Jane Doyle, Brent Adams, Amy Eisenstein, Vanessa Rangel, Gordon Mayer, Meegan Dugan Bassett, Bob Reddy, Joe Wilkes, LuLin McArthur, and Lauren Monaco Grossman for their work on this project.