To help manage student loan debts and successfully repay loans, the student borrower should:
- Know and stay in touch with the lender, financial aid office or the Illinois Student Assistance Commission (ISAC).
- Open and read any mail received regarding the student loan.
- Keep accurate records.
- Stay current with the payments.
- Write the loan account number on all correspondence with the lender and on checks.
Unable to Make Payments
If a borrower is unable to make monthly payments, the borrower should contact the lender immediately to avoid default by considering alternative repayment options. Additionally, depending upon circumstances, the borrower may qualify for loan deferment, forbearance or forgiveness.
Many lenders and holders offer repayment incentives for borrowers with a record of consecutive on-time payments. These incentives may include interest rate reductions or cash back. Students should check with their lender or holder to see if these options may be available to them.