SPRINGFIELD, IL – A measure championed by state Rep. Latoya Greenwood, D-East St. Louis, that would help ensure students across the state have access to fair and honest education loans, has now become law.
“To make a decent living nowadays you need to have a quality college education, and for most people before they even get into the class room they’ll need some sort of loan,” Greenwood said. “This law will protect those who just want to better themselves by making sure loan companies can’t take advantage of them.”
Greenwood was a sponsor of Senate Bill 1351 and helped successfully push it through the House in the spring session and was successful again when having to override a veto by the Governor this past fall. Now that SB 1351 is law, it will prohibit lenders from conducting unfair or deceptive business tactics aimed toward taking advantage of college students, while also streamlining the loan repayment process. The law also requires that all student loan lenders must apply for license with the Department of Financial and Professional Regulation.
“I have had residents in my community tell me their stories of predatory practices some loan companies have done to them,” Greenwood said. “For me this is about making sure the best and brightest of the next generation not have their future become locked up in debt.”