The Music & Performing Arts Library has a small collections of technology that you can borrow for free! This collection includes microphones, recording devices, adapters, external CD/DVD drives, and more. You can find a full list of items and information about their policies on MPAL's Loanable Technology page.
Looking for something at MPAL doesn't have it? Check out the Loanable Technology collection in the Scholarly Commons (located in the Main Library building). From speakers, to projectors, to mobile media kits, they might have what you're looking for! You can even reserve the tech in advance. 
Also located in the Scholarly Commons in the Main Library building are a number of media studios, including a self-use media studio, a full video production studio, and a tiny recordings booth.
The computers in the various media studios include specialized media editing software. Additional computers in the Scholarly Commons (Room 220 in the Main Library Building) also have the Adobe Creative Cloud suite, which is free for UIUC students. Students can also download Adobe products, such as Premiere, to their personal laptops.
Looking for free or open-source software options? Check out Wikipedia's lists of audio and video editors.
