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20    (d) This Section is repealed on June 1, 2023.