100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2559
 
Introduced 2/6/2018, by Sen. Steve Stadelman
 
SYNOPSIS AS INTRODUCED:
 

 
110 ILCS 205/14 new

     Amends the Board of Higher Education Act. Provides that, beginning with the 2019-2020 academic year, the Board of Higher Education shall develop a 3-year education loan information pilot program for use by each public institution of higher education that enrolls students who are eligible to receive financial aid. Defines "education loan". Provides that the program shall require that each public institution of higher education that receives education loan information for a student enrolled at the institution  provide annually to the student or the parent or guardian of the student certain information relating to the education loans. Provides that a public institution of higher education is not liable for any representations made during the pilot program. Repeals the provision on June 1, 2023.
  


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FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
 
 
A BILL FOR
 

  
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1    AN ACT concerning education.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Board of Higher Education Act is amended  by 
5adding Section 14 as follows:
 
6    (110 ILCS 205/14 new)
7    Sec. 14. Education loan information pilot program.
8    (a) In this Section, "education loan" means any State or 
9federal education loan or other loan used primarily to finance 
10a postsecondary education and costs of attendance at a public 
11institution of higher education, including, but not limited to, 
12tuition, fees, books and supplies, room and board, 
13transportation, and miscellaneous personal expenses.
14    (b) Beginning with the 2019-2020 academic year, the Board 
15shall develop a 3-year education loan information pilot program 
16for use by each public institution of higher education that 
17enrolls students who are eligible to receive financial aid. The 
18program shall require that each public institution of higher 
19education that receives education loan information for a 
20student enrolled at the institution  provide annually to the 
21student or the parent or guardian of the student the following 
22information: 
23        (1) An estimate of the total amount of education loans 
 
 
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1    taken out by the student or the parent or guardian.
2        (2) An estimate of (i) the potential total payoff 
3    amount of the incurred education loans or a range of the 
4    total payoff amount and (ii) monthly repayment amounts that 
5    a similarly situated borrower may incur for the amount of 
6    loans the student or the parent or guardian has taken out 
7    at the time the information is provided, including 
8    principal and interest amounts.
9        (3) The percentage of the borrowing limit the student 
10    or the parent or guardian has reached at the time the 
11    information is provided.
12        (4) Any financial resources available to the student or 
13    the parent or guardian. 
14    The information provided under this subsection (b) may 
15include a statement that the estimates and ranges are general 
16in nature and are not meant as a guarantee or promise of the 
17actual projected amount. 
18    (c) A public institution of higher education is not liable 
19for any representations made during the pilot program.
20    (d) This Section is repealed on June 1, 2023.