101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced 2/7/2019, by Sen. Martin A. Sandoval
SYNOPSIS AS INTRODUCED:
Amends the Higher Education Student Assistance Act. Requires the
Illinois Student Assistance Commission to establish a student loan
refinancing program for the purpose of purchasing any outstanding federal,
State, or private student loans of an applicant who meets specified
criteria, including Illinois residency. Provides that if the Commission
refinances the loan of an applicant, the applicant must be charged the
lowest possible interest rate for student loans in this State on the date
the Commission approves the application. Provides that if at any time an
individual who is participating in the refinancing program is no longer a
resident of this State, the Commission may increase his or her loan
interest rate. Requires the Commission to adopt rules.
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A BILL FOR
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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Higher Education Student Assistance Act is
amended by adding Section 71 as follows:
(110 ILCS 947/71 new)
Student loan refinancing program.
(a) The Commission must establish and, each year, receive
and consider applications under a student loan refinancing
program for the purpose of purchasing any outstanding federal,
State, or private student loans of an applicant who meets all
of the following qualifications:
(1) He or she is a resident of this State.
(2) He or she has graduated from an institution of
higher learning or any other public or private
postsecondary institution in the United States.
(3) He or she is not in default on any student loan and
does not owe a refund or repayment on any State or federal
grant or scholarship.
(4) Any other criteria established by the Commission.
(b) If the Commission refinances the loan of an applicant
under this Section, the applicant must be charged the lowest
possible interest rate for student loans in this State on the