SPRINGFIELD, Ill. – To create protections for student loan borrowers that have been victimized by predatory lending practices, state Rep. Jay Hoffman, D-Swansea, voted to override the governor’s veto of legislation creating a student loan “bill of rights.”
“Young people pursuing higher education are trying to make a better life for themselves and their families, and too often they are forced to into a lifetime of debt due to predatory student loan borrowers,” Hoffman said. “Without receiving fair student loans, I would never have been able to attend college and ultimately law school. This proposal creates common-sense protections for student loan borrowers to help ensure that they are not taken advantage of by unethical lenders.”
Hoffman sponsored and voted to override the governor’s veto of 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. The measure also requires that student loan vendors be licensed by the Department of Financial and Professional Regulation. The governor’s veto of this legislation jeopardized these protections for students.
“This bipartisan plan will help boost the state’s economy by putting dollars back in the pockets of young people, increasing their discretionary income and making it more likely for them to purchase a house or start a family,” Hoffman said. “Once again, the governor chose to side with big banks rather than middle-class families. Fortunately, I joined a bipartisan group of legislators that rejected the governor’s short-sighted veto and voted to protect students pursuing a higher education across Illinois.”
The governor’s veto of Senate Bill 1351 was overridden in both the House and Senate and will become law.
Rep Jay Hoffman
261-S Stratton Office Building
Springfield, IL 62706
(217) 782-1333 FAX
312 S. High St.
Belleville, IL 62220
(618) 416-7409 FAX