AURORA, Ill. – Illinois college students will receive financial relief due to a new law passed by state Rep. Barbara Hernandez, D-Aurora. The measure will cap fees on student loan debt relief services.
“Making higher education affordable is a priority for me, but that will never happen if predatory student loan debt relief companies continue to take advantage of Illinois graduates,” Hernandez said. “A few months ago, I earned my Masters degree from Aurora University along with hundreds of other committed students. Unfortunately, the reality is that, on top of the growing tuition costs, many of my classmates and other students throughout the state will face targeted financial abuse by companies that thrive on manipulating recent graduates with student loan debt. Ending those practices is a critical step to improving higher education in Illinois.”
Representative Hernandez helped pass Senate Bill 669, legislation that restricts a wide range of excessive fees that student loan debt relief companies are currently imposing on Illinois graduates. Financially exploiting young people, many of whom have just entered the workforce, has created a financial disincentive to strive for educational advancements by making costs nearly prohibitive. This legislation passed the state House and Senate unanimously and was signed into law by Governor J.B. Pritzker several days ago.
“The burdens many unethical debt relief services are adding can financially cripple new graduates for years,” Hernandez said. “If attending college in Illinois becomes an unattractive option and higher education enrollment drops, it will take a toll on our childrens’ futures and our state’s economy. I’m proud that Illinois is taking important steps to prevent that.”