SPRINGFIELD, Ill. – State Rep. Thaddeus Jones, D-Calumet City, is urging Gov. Bruce Rauner to sign a Student Loan “Bill of Rights” recently approved by the General Assembly.
“I am tired of student loan companies preying on our young people who are trying to further their education and improve their lives,” Jones said. “Minority students in particular are often targeted by these loan companies who seek to profit off the dreams of our youth.”
Jones helped pass Senate Bill 1351, which establishes a Student Loan “Bill of Rights.” The measure also creates a new resource within the attorney general’s office to assist students with any questions about the loan servicing process and allows the attorney general to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.
Senate Bill 1351 awaits the governor’s signature to become law.
“Providing our students with greater protections and resources will help them make better financial decisions and shield them from taking on unnecessary debt,” Jones said. “I urge Governor Rauner to sign this measure and give our young people the support they deserve.”