JOLIET, Ill. – To ensure individuals with student loans receive the same protections as other consumers, state Rep. Natalie Manley, D-Joliet, is sporting a measure to create a Student Loan Bill of Rights in Illinois.
“Illinois has protections in place to protect homeowners, consumers and other individuals who take out loans,” Manley said. “However, currently there are no loan protection in place to the thousands of individuals who have student loans. This legislation will help protect students and recent college graduates from predatory lenders and unfair business practices.”
Manley sponsored Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also 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.
“On average, college graduates in Illinois have nearly $30,000 when they finish with school,” Manley said. “This financial responsibility influences all of their future decisions, including their future jobs, buying a house and starting a family. Ensuring that student loan lenders do not take advantage of borrowers is important to the future of our communities. I urge the governor to sign this piece of legislation and do what is in the best interest of college graduates.”
For more information, please contact Manley’s constituent service office at 815-725-2741 or RepManley@gmail.com.