HB3207 102ND GENERAL ASSEMBLY

LRB102 10467 CMG 15796 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3207

Introduced 2/19/2021, by Rep. Nicholas K. Smith

SYNOPSIS AS INTRODUCED:

110 ILCS 205/9.40 new

Amends the Board of Higher Education Act. Provides that, in order to prevent nonpublic, for-profit institutions of higher education from enrolling students in programs or degrees for careers in which a student's higher education loan debt will exceed the student's expected income, the Board shall adopt any rules that are necessary to prohibit nonpublic, for-profit institutions of higher education from continuing any program or degree if the estimated annual higher education loan repayment of a typical graduate from such a program or with such a degree exceeds 20% of the graduate's total annual income or 8% of the graduate's total monthly income.

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Board of Higher Education Act is amended by adding Section 9.40 as follows:

(110 ILCS 205/9.40 new)

Sec. 9.40. Discontinuance of program at for-profit institution; student loan debt. In order to prevent nonpublic, for-profit institutions of higher education from enrolling students in programs or degrees for careers in which a student's higher education loan debt will exceed the student's expected income, the Board shall adopt any rules that are necessary to prohibit nonpublic, for-profit institutions of higher education from continuing any program or degree if the estimated annual higher education loan repayment of a typical graduate from such a program or with such a degree exceeds 20% of the graduate's total annual income or 8% of the graduate's total monthly income.