Yingling Backs Measure to Protect Students from Unneeded Private Loans

ROUND LAKE BEACH, Ill. – To keep costs down for college students, state Rep. Sam Yingling, D-Grayslake, supported legislation that would give students additional information about loan options before borrowing. The measure would help them get the best deal on their student loans.

“With college costs already being incredibly high, the last thing students need is to have costly student loans,” said Yingling. “The best way to ensure students are making educated decisions on what loans are best for them is to provide them with the information they need to make that choice.”

Yingling is co-sponsoring House Bill 2746, which creates the Know Before You Owe Private Education Loan Act. The act requires private lenders to seek certification from the potential borrower’s schools to confirm that the potential borrower’s costs of education haven’t been covered by other sources. This would ensure that students aren’t taking loans out that aren’t necessary. In addition, the act requires school financial aid offices to notify students who are seeking private loans if they have any eligibility for federal loans, which have lower average interest rates, more repayment options, and more opportunities for loan forgiveness.

During his time in office, Yingling has worked to bring down the cost of college for students. He has held FAFSA seminars throughout his district, helping students and their families maximize their financial aid. In addition, Yingling regularly highlights scholarship opportunities to make sure his constituents are able to pursue as many financial aid options as possible.

“Students shouldn’t have to be saddled with unnecessarily high student loan debt just to go to college,” said Yingling. “I will continue to work in Springfield and in my district to ensure that our students have the resources and information they need to pursue their education.”