Student Lending
Know Before You Owe
Know Before You Owe Act: Compliance and Reporting Information for Private Educational Lenders
The Know Before You Owe (KBYO) Act requires private educational lenders to provide an annual report. The information guides posted here provide instructions on how two types of private educational lenders should prepare and submit the required annual report spreadsheet, due November 1 of each year.
The Illinois Student Loan Ombudsman, housed within the Illinois Attorney General's Consumer Protection Division, prepared these guides to help private lenders comply with this law.
- Private educational lenders who make more than 10 private education loans per year should refer to the KBYO Annual Report Information Guide and KBYO Annual Reporting Spreadsheet, linked below.
- Private educational lenders who make 10 or fewer private education loans per year should refer to the KBYO Annual Statement Reporting Guide and KBYO Annual Statement Spreadsheet, linked below.
Private educational lenders should fill out the Annual Report or Annual Statement, as applicable, and return those documents in Excel form to the Illinois Attorney General's Office by emailing those spreadsheets and supporting documents to Loan.reports@ilag.gov, with the subject line specified in the information guides.
The annual reporting and annual statement requirements are mandatory. Failing to submit a report or statement, or submitting an incomplete report or statement, is a violation of state law.
Private lenders should use the links below to download the information guides regarding the Know Before You Owe requirements, as well as the template spreadsheets for submitting annual reports or statements.