Sec. 5-45. Information to be provided to private education loan borrowers.
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/il/chapter-110/act-992/5-45A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-45. Information to be provided to private education loan borrowers.
(a)A servicer shall provide on its website a description of any alternative repayment plan offered by the servicer for private education loans.
(b)A servicer shall establish policies and procedures and implement them consistently in order to facilitate evaluation of private student loan alternative repayment arrangement requests, including providing accurate information regarding any private student loan alternative repayment arrangements that may be available to the borrower through the promissory note or that may have been marketed to the borrower through marketing materials.
A private student loan alternative repayment arrangements shall consider the affordability of repayment plans for a distressed borrower, as well as investor, guarantor, and insurer guidelines and previous outcome and performance information.
(c)If a servicer offers private student loan repayment arrangements, a servicer shall consistently present and offer those arrangements to borrowers with similar financial circumstances.