Kifowit-Backed Student Loan Bill of Rights Becomes Law

AURORA, Ill. – A measure cosponsored by state Rep. Stephanie Kifowit, D-Oswego, to protect students from predatory lending will now become law following the successful, bipartisan override of the Gov. Bruce Rauner’s veto of the proposal.

“Young people are simply trying to get an education, they should not be taken advantage of by lenders whose only concern is their own bottom line,” Kifowit said. “This new law will help prevent companies from pursuing unethical practices and taking advantage of our students.”

The Kifowit-backed Senate Bill 1351 creates the “Student Loan Bill of Rights,” which prohibits lenders from practicing unfair or deceptive business tactics and streamlines the repayment process. The legislation also authorizes the Office of the Attorney General to hire a student loan watchdog and requires licensing of all student loan lenders by the Department of Financial and Professional Regulation.

“It is important we create a climate which encourages students to further their education, and ensures their ability to contribute to our economy once they graduate,” Kifowit said. “By holding lenders more accountable, we can give students the protections they deserve while pursuing their education.”