Student Loan Information

Former Students

Illinois Attorney General Helpline - 1-800-455-2456

I have federal student loans, and my school is closing. What happens next?

There are many issues involving student loans if a student's school closes before they complete their degree. First, it is important to know about all of your student loans, including your loan debt, which schools the loans were borrowed from, and who your current loan servicer is (the agency that is responsible for collecting payments on your loans).

You can find all your federal student loan information by accessing the National Student Loan Data System (NSLDS) at https://nslds.ed.gov/npas/index.htm

You can access the site using your Federal Student Aid (FSA) User ID and qualifying personal identification information.

Who is my loan servicer? How do I find that out?

When you log into NSLDS, you will see a list of every federal loan you have received. Each loan will be assigned to a loan servicer. Usually, they try to keep all of your loans with one servicer. If you click on the "servicer" link, the website will bring up the contact information for that servicer.

Where can I find more information on the terms of my loans and repayment options?

Go to the federal student loans website by visiting https://studentaid.gov/. At this site, you can complete "loan exit counseling" and view "repayment calculators."

Since Lincoln College is closing, do I have to repay the loans I borrowed while attending the College?

There are many different criteria including if you transfer credits to another school to complete your degree, and if you were enrolled at the closed school within 120 days of its closure.

The following link to the federal student aid site has information for students. It answers many different questions a student may have:

https://studentaid.gov/manage-loans/forgiveness-cancellation/closed-school

How do I discharge my student loans since Lincoln College is closing?

Loan discharge is the removal of your obligation to repay your loan under certain circumstances. There is certain eligibility requirements to qualify for a closed school loan discharge; you must apply.

For more information, visit the Illinois State Board of Education website at https://www.isbe.net/.