SPRINGFIELD, Ill. – To create protections for student loan borrowers that have been victimized by predatory lending practices, state Rep. Jay Hoffman, D-Swansea, voted to override the governor’s veto of legislation creating a student loan “bill of rights.”

“Young people pursuing higher education are trying to make a better life for themselves and their families, and too often they are forced to into a lifetime of debt due to predatory student loan borrowers,” Hoffman said. “Without receiving fair student loans, I would never have been able to attend college and ultimately law school. This proposal creates common-sense protections for student loan borrowers to help ensure that they are not taken advantage of by unethical lenders.”

Hoffman sponsored and voted to override the governor’s veto of Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. The measure also requires that student loan vendors be licensed by the Department of Financial and Professional Regulation. The governor’s veto of this legislation jeopardized these protections for students.

“This bipartisan plan will help boost the state’s economy by putting dollars back in the pockets of young people, increasing their discretionary income and making it more likely for them to purchase a house or start a family,” Hoffman said. “Once again, the governor chose to side with big banks rather than middle-class families. Fortunately, I joined a bipartisan group of legislators that rejected the governor’s short-sighted veto and voted to protect students pursuing a higher education across Illinois.”

The governor’s veto of Senate Bill 1351 was overridden in both the House and Senate and will become law.

SPRINGFIELD, Ill. – State Rep. Sue Scherer, D-Decatur, is calling for an override of Gov. Bruce Rauner’s veto of an initiative from the Attorney General’s office that would establish a Student Loan Bill of Rights and other safeguards to protect students from predatory lenders.

“The reforms in this bill would assist student loan borrowers and their families trying to navigate the confusion of the student loan marketplace,” Scherer said. “It disappoints me that the governor decided to side with lenders over our students.”

Scherer co-sponsored Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation. Rauner’s veto of this legislation now jeopardizes these protections for students.

“These protections would improve the financial security of young people who are pursuing an education,” Scherer said. “I’m encouraging my colleagues on both sides of the aisle to come together to override the governor’s veto and block student loan services from taking advantage of our students.”

Scherer represents the 96th District, which includes portions of Christian, Macon and Sangamon counties.

SPRINGFIELD, Ill. –State Rep. Fred Crespo, D-Hoffman Estates, responded to Gov. Bruce Rauner vetoing legislation that would’ve protected student borrowers from loan servicers who mislead borrowers about the options available to avoid default and lower their monthly payments.

“More than 43 million Americans owe a total of $1.3 trillion in student debt, and several studies show that borrowers often don’t know about programs designed to lower their monthly payments,” Crespo said. “That is why earlier this year, I supported a vital piece of legislation that would’ve ensured less young people default on their loans and ruin their credit.”

Crespo backed Senate Bill 1351, which would have created state level protections for students borrowers by:

• Establishing basic rules and requirements for lenders when processing repayment;
• Prohibiting lenders from engaging in unfair or deceptive business practices;
• Creating a student loan watchdog within the Office of the Attorney General; and
• Requiring all student loan lenders be licensed by the Department of Financial and Professional Regulation.

However, the legislation was vetoed by Gov. Bruce Rauner.

“Today’s college graduates are heading into the workforce with thousands of dollars in debt, and it’s affecting their ability to buy a home and contribute to our economy like their parents did at their age,” Crespo said. “Student loan debt is a swelling economic disaster, so it’s infuriating that Gov. Bruce Rauner decided to stand alongside President Trump and Secretary of Education Betsy DeVos by making it easier for lenders to exploit and make money off students struggling to repay their loans.”

Crespo represents the 44th District, which includes all or portions of Bartlett, Elgin, Hanover Park, Hoffman Estates, Schaumburg and Streamwood.

HILLSIDE, Ill. – State Rep. Emanuel “Chris” Welch, D-Hillside, is denouncing Governor Rauner’s veto of legislation that would have safeguarded students from predatory loan providers by creating a Student Loan Bill of Rights in Illinois.

“We all tell students that they need to go to college and get their degree, but in order to do this, they have to take out thousands of dollars in student loans every year,” Welch said. “However, students generally do not understand the complexities of paying back those loans. Too often lenders engage in unfair and deceptive practices just to make a profit. That is why I supported legislation would have put in place safeguards to protect students from predatory lenders.”

Welch, who chairs the House Higher Education Committee, co-sponsored Senate Bill 1351 in an effort to establish a Student Loan Bill of Rights requiring lenders to review all available repayment options with students so they are fully aware of their choices. The legislation would have also created student loan watchdog within the Office of the Attorney General to prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.

“President Trump and politicians in Washington are getting rid of protections for student loan holders at the federal level,” said Welch. “That is why this legislation is more important than ever to have in the state of Illinois. Unfortunately, by vetoing this legislation Gov. Rauner is once again turning his backs on our students and siding with President Trump. I urge my colleagues in both Houses of the Illinois General Assembly to overturn this veto and provide our students with a peace of mind that they deserve.”

SPRINGFIELD, Ill. – State Rep. Stephanie Kifowit, D-Oswego, is criticizing Gov. Bruce Rauner’s veto of legislation that would protect students against predatory lenders by creating a Student Loan Bill of Rights.

“I am disappointed by Governor Rauner’s decision to abandon our students to the mercy of predatory student loan companies,” Kifowit said. “The reforms in this bill would have given student loan borrowers increased protections from being financially taken advantage of by these institutions. It’s truly disappointing Governor Rauner sided with a few unscrupulous lenders instead of standing up for all of our students.”

Kifowit sponsored Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation. Rauner’s veto of this legislation now jeopardizes these protections for students.

“Our students deserve better than Governor Rauner choosing predatory student loan companies over our future leaders,” Kifowit said. “I am ready to work with my colleagues on both sides of the aisle to override the governor’s veto and give our college students the support they deserve.”

SPRINGFIELD, Ill. – State Rep. Larry Walsh, D-Joliet, is urging his colleagues in the General Assembly to override Gov. Bruce Rauner’s veto of legislation that would provide protect students against predatory lenders by creating a Student Loan Bill of Rights.

“I am ashamed Governor Rauner has chosen to protect the profits of predatory lenders over the rights of our students,” Walsh said. “This legislation would have brought much-needed reforms to the student loan industry here in Illinois and would have better protected young people who are simply trying to go to school.”

Walsh sponsored Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation. Rauner’s veto of this legislation now jeopardizes these protections for students.

“I am encouraging my colleagues on both sides of the aisle to come together to give our young students the financial protections they need to avoid graduating with crushing debt,” Walsh said. “Let’s override the governor’s veto and put the rights of students above the profits of unscrupulous lenders who will do anything to make a buck.”

SPRINGFIELD, Ill. – State Rep. Stephanie Kifowit, D-Oswego, is urging Gov. Bruce Rauner to sign a Student Loan “Bill of Rights” recently approved by the General Assembly.

“Loan debt is an unfortunate reality for most people who attend colleges or universities, but it’s important we take steps to ensure student loan companies are not taking advantage of our residents,” Kifowit said. “My measure would better protect students—particularly young people—who aren’t wealthy, but are working hard to compete in a global economy.”

Kifowit co-sponsored Senate Bill 1351, which establishes a Student Loan “Bill of Rights.” Her legislation also creates a new resources within the attorney general’s office to assist students with any questions about the loan servicing process and allows the attorney general to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.

Senate Bill 1351 awaits the governor’s signature to become law.

“Preventing predatory loan companies from taking advantage of our students will give them a better shot of getting from under crushing loan debt,” Kifowit said. “I will continue fighting to lower the cost of higher education and take steps to give all of our children access to a high quality education.”

SPRINGFIELD, Ill. – State Rep. Thaddeus Jones, D-Calumet City, is urging Gov. Bruce Rauner to sign a Student Loan “Bill of Rights” recently approved by the General Assembly.

“I am tired of student loan companies preying on our young people who are trying to further their education and improve their lives,” Jones said. “Minority students in particular are often targeted by these loan companies who seek to profit off the dreams of our youth.”

Jones helped pass Senate Bill 1351, which establishes a Student Loan “Bill of Rights.” The measure also creates a new resource within the attorney general’s office to assist students with any questions about the loan servicing process and allows the attorney general to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.

Senate Bill 1351 awaits the governor’s signature to become law.

“Providing our students with greater protections and resources will help them make better financial decisions and shield them from taking on unnecessary debt,” Jones said. “I urge Governor Rauner to sign this measure and give our young people the support they deserve.”

CHICAGO – To provide additional protections to students and individuals paying off their student loans, state Rep. Sonya Harper, D-Chicago, recently supported legislation that would create a Student Loan Bill of Rights in Illinois.

“Illinois’ college graduates can be saddled with as much as $30,000 in student loan debt,” Harper said. “This has serious repercussions on peoples’ abilities to build their own futures, and hinders the chance of our state and local economies from growing because students are forced to spend their money paying back their loans instead of buying a home and shopping at locally owned businesses. This legislation is a first step in prioritizing people over loan servicers.”

Harper supported Senate Bill 1351, which establishes a Student Loan Bill of Rights and a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. Harper’s measure allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. With more than $1.2 trillion in outstanding student loan debt, Harper feels that students should not be at the mercy of loan servicers and will continue to fight for students across Illinois.

“I know we can do better for those fighting to make a better life for themselves, and we should be empowering the Attorney General’s office to help hold loan servicers accountable,” Harper said.

SCHAUMBURG, Ill. – To protect students and student loan borrowers from predatory lending practices, state Rep. Michelle Mussman, D-Schaumburg, recently supported legislation that would create a Student Loan Bill of Rights in Illinois.

“The average Illinois college graduate enters the workforce with nearly $30,000 in student loan debt,” Mussman said. “Because some student loan servicers have been able to get away with misleading borrowers about the options available to them, more of our children are entering adulthood saddled with tens of thousands of dollars in debt. Young professionals who should be investing in assets like homes and cars are instead playing catch-up for several years, all because they decided to get an education. This shouldn’t be.”

Mussman voted to pass Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.

“As the mother of a college student, I understand the need for protections for individuals who have taken out loans, particularly when predatory lenders are putting a target on their back,” Mussman said. “I’m urging Governor Rauner to sign Senate Bill 1351 to give our young people the best possible chance to pay back their loans in a timely manner and build their careers on a level financial playing field.”