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Illinois Offers Student Loan Discount In Exchange For Home Purchase


ILLINOIS (WIFR) – Andrew Earlywine is still moving into his Machesney Park home and says buying a property is something he and his fiance have always had in mind.

“We talked about this before we moved into the rental that we wanted to buy a house and we said why we don’t work for a year and save money since we both graduated about a year ago. year and a half, ”said Earlywine.

Earlywine says his student debt wasn’t going to stop him from owning a home, but it made it more difficult.

“We were always motivated to buy a house, but it finally made us say: let’s go buy a house now,” said Earlywine.

It was then that he learned of a program called SmartBuy that offers first-time buyers and qualified non-first-time buyers up to $ 40,000 in student loan cancellation in exchange for the loan. buying a home in Illinois.

“I know that for young people the decision to save money for a house later or pay off their student loan debt is a tough one, and how to balance the amount you invest in each one and that really helps them to be able to do both, ”said Frank Valentine, vice president of residential loans at Midwest Community Bank.

Earlywine says he jumped at the chance in disbelief that the program would allow him to own a home and get rid of his student debt.

“Rents are already expensive and why not own a property that you know you can make money on in the future, so that was a no-brainer to me,” said Earlywine.

After being very successful with the program, Earlywine says he wants to spread the word and help others in a similar place.

“Everyone’s kind of like ‘really’ and they don’t believe me and they make me repeat it and then they’re like okay, can you send me the link,” Earlywine said.

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