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Student Loan Servicers

The Division of Banking serves an important role in protecting student loan borrowers through enforcement. DOB licenses and examines approximately 40 student loan servicers in Illinois, who collect payments on both federal and private student loans.  In addition, the Division administers the Illinois Student Loan Bill of Rights and other applicable state and federal laws. 

Key provisions in the Illinois Student Loan Bill of Rights include:

  • Servicers must provide clear and accurate loan information
  • Prompt and accurate handling of payments is expected.
  • An explanation of all loan options must be given by servicers to a borrower.
  • The right to payment history information on request.
  • The right to a timely dispute resolution and appeal.

Additionally, Division staff provides educational information to borrowers, often in the form of webinars and podcasts. They also answer and handle any questions you may have. You may file a consumer complaint with the Illinois Attorney General regarding Student Loans via their Consumer Complaint Form or by calling 1-800-455-2456.

Industry Information

Student Loan Servicers