SPRINGFIELD, Ill. – Committed to ensuring student borrowers are not misled by predatory lenders, state Rep. Emanuel “Chris” Welch, D-Hillside, voted to override Gov. Bruce Rauner’s veto of legislation that establishes clear rules and regulations for student loan servicers in Illinois.
“The governor chose to protect for-profit loan servicers who profit from borrowers’ misunderstandings and only care about their bottom line when he vetoed this bill,” Welch said. “Following the override, Illinois students and those seeking to attend a university in our state now have the protections in place to understand the best way to pay their loans back in a manageable way.”
Welch, who chairs the House Higher Education Committee, supported Senate Bill 1351 to establish the Student Loan Bill of Rights, which requires lenders to review all available repayment options with students so they are fully aware of their choices. The legislation creates a student loan watchdog within the Office of the Attorney General to prevent student loan servicers from engaging in unfair business practices. Finally, Welch’s law requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.
“I could not stand by and let billionaires like Rauner and Donald Trump allow lenders to profit off of our students,” Welch said. “Limiting students’ ability to buy a home and pursue their dream has a detrimental effect on growing the economy and creating long-lasting jobs. Education is the key to unlocking the future, and so we need to be assisting people to want to go to college, not dissuaded them from attending.”
Visit Rep Welch’s website
200-5S Stratton Office Building
Springfield, IL 62706
(217) 524-0448 FAX
10055 W. Roosevelt Rd.
Westchester, IL 60154
(708) 450-1104 FAX