SB2559 EngrossedLRB100 18197 AXK 33398 b


  
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 Higher Education Student Assistance Act is 
5amended by adding Section 83 as follows:
 
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 
9federal education loan or other loan used primarily to finance 
10a postsecondary education and costs of attendance at a public 
11institution of higher learning, 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 
15Commission shall develop a 3-year education loan information 
16pilot program for use by each public institution of higher 
17learning that enrolls students who are eligible to receive 
18financial aid. The program shall require that each public 
19institution of higher learning that receives education loan 
20information for a student enrolled at the institution  provide 
21annually to the student or the parent or guardian of the 
22student the following information: 
23        (1) An estimate of the total amount of education loans 
 
 
SB2559 Engrossed- 2 -LRB100 18197 AXK 33398 b

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 learning is not liable 
19for any representations made during the pilot program.
20    (d) This Section is repealed on June 1, 2023.