IABG is supporting the Student Loan Bill of Rights, SB1351. The bill creates important protections for student loan borrowers, ensuring that borrowers receive accurate billing statements, timely notification about payment plan deadlines, and all of the appropriate repayment options available to them. It also establishes oversight of student loan servicers in Illinois and creates a Student Loan Ombudsman. The bill passed the House and the Senate, but was vetoed by the Governor.
This week, we joined the Attorney General Madigan and other advocates at a press conference to voice our support for the Student Loan Bill of Rights and to urge Illinois lawmakers to override the Governor’s veto. Jody Blaylock represented IABG and Heartland Alliance, and shared:
Student loan debt has become a full-fledged crisis threatening the stability of borrowers, their families, and our economy. It is the largest source of unsecured debt in the country. Young adults are starting their lives with tens of thousands of dollars in debt. Families are trying so hard to pay off student loan debt that they can’t invest in a car, a home, or a new business. Older adults are now even retiring with student loan debt. What’s more, data released just this month tells us that the student loan crisis is disproportionally impacting black borrowers. It is contributing to the racial wealth divide â€“ the massive gap in wealth between white households and households of color.
We are in Springfield this week meeting with legislators and urging them to support SB1351. The Senate voted to override the Governor’s veto with 37 votes and bipartisan support. It now moves onto the House, for the final vote on the bill. We urge all House members to vote yes on the Student Loan Bill of Rights and support Illinoisans as they pursue higher education and financial prosperity for their families.
Take Action: Call your Representative!
We expect that the final vote in the House will take place the week of November 6. We encourage you to contact your Representative and ask them to fight for students in our state by supporting SB1351. You can look up your Representative’s information here.