SPRINGFIELD, Ill. – Illinois students would receive much-needed student loan relief under a bill proposed by state Rep. John Connor, D-Lockport, which creates a tax credit to offset a portion of loan payments every year.
“We want our children to pursue higher education,” Connor said. “But preparing to compete in a global economy should not come with a lifetime of debt. In a world where finding a good job is dependent on having a degree, we are essentially forcing kids into huge amounts of debt at a very young age. That has to stop.”
Connor introduced House Bill 3094 which adds a student loan tax credit to Illinois income tax laws. Under this bill, a person would receive a tax credit of up to $500 every year to offset the some of the cost of student loan payments.
“Students in this country have accumulated more than $1.5 trillion dollars in loan debt,” Connor said. “Banks that control that debt have far too much influence over our kids’ financial futures. My bill will help the next generation get out from under the thumb of big banks sooner.”