Illinois Repays $ 25 Million in Student Loans to Encourage Homeownership, Attracting Homebuyers to State | Government and Politics

Mo Hoelker, 33, didn’t want to depend on government bureaucracy for loan relief when there was an option readily available, she said. She and her husband, Sam, moved out of their Chicago apartment and bought their first home under the program in February, a three-bedroom, two-bathroom home in Mount Prospect, Illinois.

She wondered if she could have gotten a lower rate if they hadn’t used SmartBuy. But she decided that about $ 18,000 in student loan repayments exceeded those potential costs over the course of about a decade.

The several hundred dollars she used to pay in student loans each month helps her pay off her mortgage, making her more comfortable committing to a large payment, he said. she declared.

“I think at the end of the day what I gained using this program was really financial peace of mind,” she said.

Wintrust Mortgage, one of 34 Chicago-area lenders working with the state on the program, has prequalified several people from other states, primarily Indiana and Wisconsin, said Jason Accola, senior consultant in mortgages. Maloney, returning to the area from Florida, is his only out-of-state client under contract.

Approximately $ 33,000 of the $ 44,000 student loans granted to Maloney will be repaid under the SmartBuy program. Maloney will repay the remainder of this debt.

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