Kifowit Urges Governor to Sign Measure Protecting Student Loan Borrowers

SPRINGFIELD, Ill. – State Rep. Stephanie Kifowit, D-Oswego, is urging Gov. Bruce Rauner to sign a Student Loan “Bill of Rights” recently approved by the General Assembly.

“Loan debt is an unfortunate reality for most people who attend colleges or universities, but it’s important we take steps to ensure student loan companies are not taking advantage of our residents,” Kifowit said. “My measure would better protect students—particularly young people—who aren’t wealthy, but are working hard to compete in a global economy.”

Kifowit co-sponsored Senate Bill 1351, which establishes a Student Loan “Bill of Rights.” Her legislation also creates a new resources 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.

“Preventing predatory loan companies from taking advantage of our students will give them a better shot of getting from under crushing loan debt,” Kifowit said. “I will continue fighting to lower the cost of higher education and take steps to give all of our children access to a high quality education.”