GLENVIEW, Ill. – State Rep. Laura Fine, D-Glenview, recently helped pass legislation to create a Student Loan Bill of Rights in Illinois to protect college graduates from predatory lenders.
“As a mother with sons in college, I understand how expensive college can be,” Fine said. “On average, Illinois students graduate with $30,000 in loans. Paying back these loans can get very complicated because the lenders on these loans often change. This legislation puts in place protections to prevent predatory lenders and gives borrowers somewhere to turn to if they are having trouble with companies that hold their loans.”
Rep. Fine supported Senate Bill 1351 which, in addition to establishing a Student Loan Bill of Rights, creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions or problems that they may run into. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.
“Right now, decisions are being made in Washington that would roll back some of the regulations that protect student loan borrowers,” Fine added. “Once again, states have the responsibility to put in place policies that will limit the harm that federal actions will have on our community. I urge the governor to sign this legislation that will protect thousands of individuals in Illinois with student loan debt.”
Visit Rep Fine’s website
255-S Stratton Office Building
Springfield, IL 62706
(217) 524-0449 FAX
1812 Waukegan Road
Glenview, IL 60025
(847) 998-1707 FAX