Kifowit: Rauner Abandons Students By Choosing to Protect Predatory Loan Companies

SPRINGFIELD, Ill. – State Rep. Stephanie Kifowit, D-Oswego, is criticizing Gov. Bruce Rauner’s veto of legislation that would protect students against predatory lenders by creating a Student Loan Bill of Rights.

“I am disappointed by Governor Rauner’s decision to abandon our students to the mercy of predatory student loan companies,” Kifowit said. “The reforms in this bill would have given student loan borrowers increased protections from being financially taken advantage of by these institutions. It’s truly disappointing Governor Rauner sided with a few unscrupulous lenders instead of standing up for all of our students.”

Kifowit 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 about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that 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. Rauner’s veto of this legislation now jeopardizes these protections for students.

“Our students deserve better than Governor Rauner choosing predatory student loan companies over our future leaders,” Kifowit said. “I am ready to work with my colleagues on both sides of the aisle to override the governor’s veto and give our college students the support they deserve.”