Turner Supports Measure to Increase Protections for Student Loan Borrowers

CHICAGO – To help protect individuals with student loans from predatory lenders, state Rep. Arthur Turner, D-Chicago, recently backed legislation that would create a Student Loan Bill of Rights in Illinois.

“The cost of a college degree continues to increase every year,” Turner said. “The average college graduate in Illinois has nearly $30,000 in student loan debt when they are finished with their degree. Like so many other groups, they face predatory lenders and bad business practices from lenders. The state has regulations in place to protect other consumers and this legislation will put similar policies in place to protect student loan borrowers.”

Turner backed the passage of Senate Bill 1351, which, in addition to establishing a Student Loan Bill of Rights, creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions or problems that they may run into. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.

“Right now, President Trump and politicians in Washington, D.C. are rolling back protections for student loan borrowers put in place by President Obama,” Turner said. “We cannot allow wealthy politicians to continue to get rid of policies that will help working people in our communities.”

For more information for this or other pieces of legislation Turner is working on, please contact his constituent service office at 312-277-4700 or arthurt@ilga.gov.