JOLIET, Ill. – With nearly 70 percent of college graduates relying on loans to attend college, state Rep. Natalie Manley, D-Joliet, recently supported a measure to create a Student Loan Bill of Rights to protect borrowers from predatory lenders.
“In Illinois, college graduates leave school with an average of nearly $30,000 in student loans,” Manley said. “While trying to start their careers and move out on their own, they also have to navigate the complicated world of student loan debt. Too often, young adults can be taken advantage of by predatory lenders. This legislation puts in safeguards to protect borrowers and establish a way for them to address problems that may arise.”
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. The new law also requires that student loan vendors be licensed by the Department of Financial and Professional Regulation.
Manley was part of a bipartisan group of legislators that overrode Gov. Rauner’s veto of this legislation.
“This is common sense piece of legislation aimed at protecting young adults at the beginning of their career,” Manley said. “When the governor vetoed this legislation, he proved that he is only interested in looking out for his wealthy friends, instead of working men and women. I am glad that once again, legislators were able to come together in a bipartisan manner and put in place important financial protections for individuals looking to receive a degree and pursue the career they want.”
For more information, please contact Manley’s constituent service office at 815-725-2741 or RepManley@gmail.com.