Sen. Steve Stadelman
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AMENDMENT TO SENATE BILL 2559
AMENDMENT NO. ______. Amend Senate Bill 2559 by replacing
everything after the enacting clause with the following:
The Higher Education Student Assistance Act is
amended by adding Section 83 as follows:
(110 ILCS 947/83 new)
Education loan information pilot program.
(a) In this Section, "education loan" means any State or
federal education loan or other loan used primarily to finance
a postsecondary education and costs of attendance at a public
institution of higher learning, including, but not limited to,
tuition, fees, books and supplies, room and board,
transportation, and miscellaneous personal expenses.
(b) Beginning with the 2019-2020 academic year, the
Commission shall develop a 3-year education loan information
pilot program for use by each public institution of higher
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learning that enrolls students who are eligible to receive
financial aid. The program shall require that each public
institution of higher learning that receives education loan
information for a student enrolled at the institution provide
annually to the student or the parent or guardian of the
student the following information:
(1) An estimate of the total amount of education loans
taken out by the student or the parent or guardian.
(2) An estimate of (i) the potential total payoff
amount of the incurred education loans or a range of the
total payoff amount and (ii) monthly repayment amounts that
a similarly situated borrower may incur for the amount of
loans the student or the parent or guardian has taken out
at the time the information is provided, including
principal and interest amounts.
(3) The percentage of the borrowing limit the student
or the parent or guardian has reached at the time the
information is provided.
(4) Any financial resources available to the student or
the parent or guardian.
The information provided under this subsection (b) may
include a statement that the estimates and ranges are general
in nature and are not meant as a guarantee or promise of the
actual projected amount.
(c) A public institution of higher learning is not liable
for any representations made during the pilot program.
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(d) This Section is repealed on June 1, 2023.