SPRINGFIELD – U.S. Senator Dick Durbin (D-IL) today spoke with the Federation of Illinois Independent Colleges and Universities (FIICU) President Dave Tretter about provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that will offer support to private, not-for-profit colleges and universities during the COVID-19 pandemic. On the call, Durbin discussed the Education Stabilization Fund, established by the CARES Act, which will provide direct assistance to institutions of higher education to support emergency student financial aid and to recover losses related to the COVID-19 public health crisis. Last week, the Department of Education announced that FIICU members will receive $132 million from the Education Stabilization Fund. Illinois is expected to receive $437 million.
Durbin supports additional funding to the Education Stabilization Fund and expanding federal student loan relief by cancelling monthly student loan payments, including for all Federal Family Education Loans (FFEL), in the next COVID-19 relief bill.
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“In an unprecedented time of uncertainty for higher education institutions and students, I’m proud to partner with organizations like the Federation of Illinois Independent Colleges and Universities to push for additional federal support for schools and student debt cancellation,” said Durbin. “I’ll continue to work alongside Illinois’ educational institutions to ensure that they have the resources they need to make it through this crisis. And I will continue to be an advocate for students so they can continue their education and have access to the financial support they need.”
