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Code · Illinois · Chapter 110 — HIGHER EDUCATION · Act 992

Sec. 5-10. Payment processing.

132 words·~1 min read·/il/chapter-110/act-992/5-10

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Sec. 5-10. Payment processing.
(a)A servicer shall credit borrower and cosigner payments promptly and accurately.
(b)A servicer shall provide borrowers and cosigners with prompt notice if the servicer changes the address to which the borrower or cosigner needs to send payments.
(c)A servicer shall not charge a penalty to a borrower or cosigner if a student loan payment is received at an address used for payments for a period of 90 days after the change in address.
(d)A servicer shall not misrepresent the delinquent amount of the loan on any call with a borrower or cosigner.
(e)A servicer shall allow a borrower or cosigner to specify instructions as to how an overpayment should be applied to the balance of the loan as consistent with the promissory note.
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