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Capitol Recap: With stimulus on the way, lawmakers want a say
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McKinley Park plan seeks to preserve affordability, make walking and biking safer
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The housing agency s move to wipe out student debt comes during a national debate over the economic drag that student debt creates and inclusion of student debt forgiveness in the federal stimulus package.
Aspiring home buyers who meet certain income limits can get up to $40,000 in student loan debt wiped out, changing their debt-to-income ratio to something that makes obtaining a mortgage easier. The buyers have to meet certain income standards in Cook County, the individual income limit is about $109,000 and agree to live in the property they buy for three years to get the student loan debt forgiven.
“It’s not about giving people handouts,” Faust said. “It’s about helping these people put down roots in their communities, roots in Illinois.” She noted that college costs and the concomitant level of student borrowing have grown far faster than salaries in recent decades.
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