How have recent changes in the law affected student loan repayment?

Recent changes in the Illinois student loan law have had a significant impact on the repayment of student loans. The first change, in effect since July 2019, is that student loan servicers (the entities that collect payments of student loan debt) must be licensed by the state. This change provides more oversight and accountability, as the servicers must meet certain criteria in order to be licensed. The second change made to the Illinois student loan law was the introduction of the College Loan Code of Conduct in 2019. This code of conduct sets out the responsibilities of student loan servicers, such as providing clear information to borrowers about their loan terms and payment options, and allowing borrowers to modify their loan repayment plans if appropriate. In addition, the state has put in place a Student Loan Bill of Rights, which provides Illinois borrowers with information about their rights and options when it comes to dealing with student loan debt. This includes the right to dispute incorrect payments or obtain the correct terms of their loan. It also provides borrowers with the ability to contact the state if they have unresolved issues with their loan servicers. These changes to the Illinois student loan law have helped to ensure that borrowers are better informed about their student loan obligations and that their rights are protected. They have also made it easier for borrowers to modify their loan repayment plans and have access to help if needed.

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How have recent changes in the law affected student loan repayment?

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