SPRINGFIELD, Ill. – State Rep. Kelly Burke, D-Evergreen Park, is urging Gov. Bruce Rauner to sign her Student Loan Bill of Rights, which would provide students and middle-class families with new, strong protections against predatory student loan companies.
“As a mom, I know how difficult it can be for students and their families to afford college, and for most young people the only way to afford a higher education is by taking out student loans,” Burke said. “But no student should fall victim to unscrupulous lending practices while pursuing the dream of a college degree. My measure is designed to give our students the protection they need against predatory student loan companies.”
Burke supported Senate Bill 1351, which establishes a Student Loan Bill of Rights. The legislation also creates 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, this measure requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.
“Along with fighting to protect student loan borrowers, I worked to pass a fair and responsible budget to adequately fund our universities and preserve the MAP Grant Program, which helps pay for over 100,000 students to attend college,” Burke said. “I am urging Governor Rauner to sign this measure and better protect our sons and daughters from being financially taken advantage of my loan companies.”