Delgado Advances Bill Offering Relief from High Student Loan Interest

SPRINGFIELD, Ill. – State Rep. Eva-Dina Delgado, D-Chicago, is empowering student loan borrowers to reduce interest payments by consolidating loans. Delgado's legislation passed out of House committees last week, heading to the House Floor for debate. 

“Student loan borrowers are faced with the challenge of not only paying off their loans, but also contending with multiple interest rates, putting those with several existing loans at a repayment
disadvantage,” said Delgado. “By empowering students to consolidate their loans at a lower interest-rate, students will be able to pay off their loans quicker and allow them to invest their
money into local communities.”

Delgado’s House Bill 1430 authorizes the State Treasurer to work with financial institutions to expand loan options and lower interest rates for student loan borrowers. Student loan borrowers who consolidate their loans will pay a single interest rate, rather than multiple varying interest rates, that does not exceed 7%. By consolidating multiple loans into one with one lower interest rate, students will have an easier time paying off their student debt. 

“Student loan debt has been a growing problem for students who choose to pursue higher education, not just in Illinois but across the country,” said Delgado. “That’s why I will continue to work on breaking down the barriers of student loan repayment, better equipping Illinoisans and our state with a brighter and more prosperous future.”