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Sen. Steve Stadelman
Filed: 3/12/2018
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| 1 | | AMENDMENT TO SENATE BILL 2559
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2559 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Higher Education Student Assistance Act is |
| 5 | | amended by adding Section 83 as follows:
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| 6 | | (110 ILCS 947/83 new) |
| 7 | | Sec. 83. Education loan information pilot program. |
| 8 | | (a) In this Section, "education loan" means any State or |
| 9 | | federal education loan or other loan used primarily to finance |
| 10 | | a postsecondary education and costs of attendance at a public |
| 11 | | institution of higher learning, including, but not limited to, |
| 12 | | tuition, fees, books and supplies, room and board, |
| 13 | | transportation, and miscellaneous personal expenses. |
| 14 | | (b) Beginning with the 2019-2020 academic year, the |
| 15 | | Commission shall develop a 3-year education loan information |
| 16 | | pilot program for use by each public institution of higher |
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| 1 | | learning that enrolls students who are eligible to receive |
| 2 | | financial aid. The program shall require that each public |
| 3 | | institution of higher learning that receives education loan |
| 4 | | information for a student enrolled at the institution provide |
| 5 | | annually to the student or the parent or guardian of the |
| 6 | | student the following information: |
| 7 | | (1) An estimate of the total amount of education loans |
| 8 | | taken out by the student or the parent or guardian. |
| 9 | | (2) An estimate of (i) the potential total payoff |
| 10 | | amount of the incurred education loans or a range of the |
| 11 | | total payoff amount and (ii) monthly repayment amounts that |
| 12 | | a similarly situated borrower may incur for the amount of |
| 13 | | loans the student or the parent or guardian has taken out |
| 14 | | at the time the information is provided, including |
| 15 | | principal and interest amounts. |
| 16 | | (3) The percentage of the borrowing limit the student |
| 17 | | or the parent or guardian has reached at the time the |
| 18 | | information is provided. |
| 19 | | (4) Any financial resources available to the student or |
| 20 | | the parent or guardian. |
| 21 | | The information provided under this subsection (b) may |
| 22 | | include a statement that the estimates and ranges are general |
| 23 | | in nature and are not meant as a guarantee or promise of the |
| 24 | | actual projected amount. |
| 25 | | (c) A public institution of higher learning is not liable |
| 26 | | for any representations made during the pilot program. |