A Letter to the Class of ’08

From Andy Davis, Executive Director, Illinois Student Assistance Commission and Kelvin Wing, Student Commissioner, Illinois Student Assistance Commission

May 9, 2008

Dear Class of 2008,

College graduates traditionally get all sorts of advice: see the world, invest in plastics, use sunscreen. Here’s some unsolicited advice from the folks who may have helped you pay for college: don’t miss your first student loan payment!

We’re sorry for this buzzkill at a time when the world is your oyster and your horizons are unlimited.  But the consequences of falling behind on a student loan are harsh.

You know first-hand that tuition is sky-high and more graduates face more debt than ever. We at the Illinois Student Assistance Commission (ISAC) are delighted to have been able to help you realize your dream of a college education and proud that you made it to the finish line. The cost of school was great, but the payoff to you as a graduate and us as the People of Illinois is immeasurable.

While some loans allow a six-month grace period, other loans require prompt attention. For those of you just starting out in a new job or who have yet to line up employment, the “payment due” notice in your mail will be an unpleasant souvenir of your college experience, but DO NOT ignore it.

More than 10,000 Illinois borrowers default on college loans annually and you don’t want to be one of them. A defaulter faces severe long-term consequences, including a tarnished credit rating, difficulty in financing a car or home, a revocation of some professional licenses and wage garnishment. Student loan default can usually be avoided; contact your lender about deferment or other payment options. Timely repayment of a student loan is a great way for you to establish a good credit history.

So, Class of ’08, go forth and be excellent.  Those who have invested in you - your family, school and community - expect no less.

Sincerely,
Andy Davis
Executive Director, Illinois Student Assistance Commission

Kelvin Wing (DePaul University ’09)
ISAC Student Commissioner

Confirmation Contact: Deb Calcara, 217-782-2020

About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.