PEORIA, Ill. – To provide additional protections to students and people paying off their student loans, state Rep. Jehan Gordon-Booth, D-Peoria, recently supported legislation that would create a Student Loan Bill of Rights in Illinois.
“After completing their degree, college graduates in Illinois have on average nearly $30,000 in student loan debt,” Gordon-Booth said. “People spend years paying back these loans, which can often become difficult and confusing when their loans are regularly sold to different lenders. This measure would help individuals with student loans navigate this process.”
Gordon-Booth 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 or problems that they may run into. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation.
“Many of the provisions and protections contained in this legislation already exist in other industries,” Gordon-Booth added. “As the number of college graduates continue to grow, along with the amount of student loan debt they have, it makes sense to have protections in place to help young adults trying to build their careers and lives in Illinois.”
For more information, contact Gordon-Booth’s full-time constituent service office at 309-681-1992 or email email@example.com.