HILLSIDE, Ill. – State Rep. Emanuel “Chris” Welch, D-Hillside, is denouncing Governor Rauner’s veto of legislation that would have safeguarded students from predatory loan providers by creating a Student Loan Bill of Rights in Illinois.
“We all tell students that they need to go to college and get their degree, but in order to do this, they have to take out thousands of dollars in student loans every year,” Welch said. “However, students generally do not understand the complexities of paying back those loans. Too often lenders engage in unfair and deceptive practices just to make a profit. That is why I supported legislation would have put in place safeguards to protect students from predatory lenders.”
Welch, who chairs the House Higher Education Committee, co-sponsored Senate Bill 1351 in an effort to establish a Student Loan Bill of Rights requiring lenders to review all available repayment options with students so they are fully aware of their choices. The legislation would have also created student loan watchdog within the Office of the Attorney General to 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.
“President Trump and politicians in Washington are getting rid of protections for student loan holders at the federal level,” said Welch. “That is why this legislation is more important than ever to have in the state of Illinois. Unfortunately, by vetoing this legislation Gov. Rauner is once again turning his backs on our students and siding with President Trump. I urge my colleagues in both Houses of the Illinois General Assembly to overturn this veto and provide our students with a peace of mind that they deserve.”
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Westchester, IL 60154
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