Last night, with a vote of 98-16, the Illinois House voted to override the Governor’s veto of SB1351, the Student Loan Bill of Rights! The law, which goes into effect at the end of 2018, protects thousands of Illinois students seeking an education.
“We applaud the Illinois General Assembly for overriding the Governor’s veto and supporting Illinois students and their families. By passing the Student Loan Bill of Rights, Illinois has taken meaningful action to address the growing student loan crisis, rein in the abuses of student loan servicers, and help borrowers successfully repay their loans and build financial security,” says Jody Blaylock, Senior Policy Associate at Heartland Alliance. “Students of color are disproportionately affected by the student loan crisis, making this law an important step towards greater racial equity in Illinois.”
We are grateful to the Illinois Attorney General’s Office, Senator Biss, and Representative Guzzardi for their leadership on the bill and their commitment to strong consumer protections for student loan borrowers.
The protections under the new law are aimed at stopping the abuses of the student loan servicing industry that make it more difficult for borrowers to repay their loans. The Student Loan Bill of Rights ensures that students receive accurate billing statements, timely notification about payment plan deadlines, information about all of the repayment options available to them, and more. The bill also provides oversight and licensing of loan servicers in Illinois and establishes a Student Loan Ombudsman as a resource for borrowers.
Thank you to the dedicated legislators, amazing advocacy partners, and to everyone who contacted their legislator about this bill.
These new protections go into effect on December 31, 2018. As that time gets closer, we will share information for borrowers about their rights under the new law, so stay tuned!