Know What You Owe
Recognizing the challenging nature of student loan management, we want to connect you with information to help you manage your student loans with your other financial obligations. Education debt can come from many different sources so it's important to monitor the debt you will repay when you graduate, leave school, or drop below half-time status.
Each semester, our Student Money Management Center runs educational outreach campaigns called Know What You Owe or Fact Check Your Debt to help student loan borrowers learn how to monitor and repay student loans. You may receive emails inviting you to participate if you receive any loans through the University of Illinois System.
Where to Go
Besides your servicers, the main places you can go to gather information (e.g., student loan balances, interest rates, servicers) on your student loans include:
Federal Student Loans
Log into your account to see all your federal financial aid in one place including loans, grants, and work-study.
University of Illinois Campus-based Loans
Heartland ECSI is the University's contracted servicer for University of Illinois Campus Based Student Loans.*
Private Loans
If you don't know your lender or servicer, you can check your credit reports for information on private loans.
*If you have institutional or campus-based loans from other schools you have attended, you will need to contact those schools to find out where you can get information about your loans.
For Current Students
If you are currently enrolled in college at least half-time, your federal student loans are automatically placed in an in-school deferment. This means you will not enter repayment unless you leave school or your enrollment drops below half-time. Typically, a 6-month grace period begins immediately after you graduate, withdraw, or drop below half-time enrollment before your first payment is due. While you're in school, unsubsidized loans will still accrue interest.
Repayment Responsibilities & Resources
You are responsible for repaying your student loans. Staying current helps you avoid the serious consequences of delinquency and default. Many of the tools you need to navigate repayment for federal loans are on the Federal Student Aid website, StudentAid.gov.
Update Your Contact Info
Log in to StudentAid.gov to ensure your profile is up to date. This is crucial for staying informed and receiving important loan updates.
Explore Repayment Options
Visit StudentAid.gov to review repayment plans that may fit your financial situation. Options like income-driven repayment could help lower your monthly payments.
Stay Informed
Review recent press releases from the U. S. Department of Education to stay informed about the status of student loans. For more detailed information on managing loans and general financial planning, explore the resources provided by the Student Money Management Center (SMMC).
SMMC Student Loan Web Page
Visit our dedicated page for comprehensive information on loan types, debt management, and repayment strategies.
Student Loan Management Webinar
Watch our webinar recording for in-depth discussions on navigating the complexities of student loan repayment.**
Making Cents of Money Podcast
Subscribe to the Making Cents of Money podcast for timely updates and insights on student loans and personal finance.
**Our Student Money Management Center coordinates new webinars on student loan management and other important personal finance topics throughout the year. Visit their Webinars page for information on upcoming webinars and how to register.
Enroll in the Borrow Course
The previously mentioned educational campaigns, Know What You Owe and Fact Check Your Debt, are part of the University of Illinois System Financial Literacy Badges Program under the Borrow course. Learn about managing student loan debt and more by clicking the button below, logging in with your NetID, and selecting "Enroll Me".