(110 ILCS 947/130)
The General Assembly finds and declares that (1) the
provision of an education for all residents of this State who
desire an education and are properly qualified therefor is important to the
welfare and security of this State and Nation and, consequently, is an
important public purpose, and (2) many qualified students are deterred by
financial considerations from completing their education, with a consequent
irreparable loss to the State and Nation of talents vital to welfare and
security. Improved access to loans will enable those
residents to attend the institutions of their choice.
Establishment of a secondary market for certain loans will reduce lender
administrative costs associated with
educational loans, facilitate the early identification and treatment of
delinquent loan accounts, and reduce potential student loan default losses so
as to improve student access to loans made by commercial lenders.
(Source: P.A. 89-442, eff. 12-21-95.)