Student Loans FAQs
Expansion of Payment Relief for Student Loan Borrowers
Provided by the Illinois Department of Financial and Professional Regulations the following list gives some brief common questions and answers regarding how student loan repayment is being modified during the Coronavirus pandemic.
Links to translated versions of this FAQ
- I have a private student loan. Are there any relief options available for me at this time?
- Will I be automatically enrolled in any relief option?
- I do not know who my servicer is. How do I find out?
- What loan servicers said they'd provide relief options?
- I think my loan servicer is not acting in my best interest, and they're giving me trouble. Is there anyone I can contact?
I have a private student loan. Are there any relief options available for me at this time?
Governor Pritzker led a coalition of states to secure relief options to borrowers who have private student loans. All borrowers must call their servicer to see what relief is the best fit for them. Relief options include:
- 90 day forbearance
- No late payment fees
- No negative credit reporting
- Your loan servicer must work with you to explain different repayment options, such as income based repayment, and enroll you in which program fits your circumstances.
Will I be automatically enrolled in any relief option?
No. You need to call your loan servicer immediately in order to secure relief.
I do not know who my servicer is. How do I find out?
Your loan servicer is who you pay your monthly bill to. If you are still unsure, you can also call the Federal Student Aid Information Center at 1-800-433-3243.
What loan servicers said they'd provide relief options?
The following servicers agreed to offer relief options. If your servicer is listed, you should call them immediately to ask for relief.
Aspire Resources, Inc.
College Ave Student Loan Servicing, LLC
- Discover Financial Servicers
- Earnest Operations Edfinancial
- Figure Lending, LLC
- Kentucky Higher Education Student Loan Corporation
- Launch Servicing, LLC
- Lendkey Technologies, Inc.
- Reunion Student Loan Finance Corporation
- Rhode Island Student Loan Authority
- SoFi Lending Corp.
- Tuition Options
- United Guaranty Services, Inc.
- Upstart Network, Inc.
- Utah Higher Education Assistance Authority
- Vermont Student Assistance Corporation
I think my loan servicer is not acting in my best interest, and they're giving me trouble. Is there anyone I can contact?
Yes! Borrowers experiencing trouble are encouraged to contact the following:
- File a complaint with IDFPR Division of Banking via the IDFR Complaint form or (217) 785-2900.
- File a Consumer Complaint with the Illinois Attorney General regarding Student Loan via their website Consumer Complaint Form or call 1-800-455-2456.
- The Consumer Financial Protection Bureau to file a complaint on their website via the CF consumer complaint form .