Illinois General Assembly - Full Text of SB2559
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Full Text of SB2559  100th General Assembly


Sen. Steve Stadelman

Filed: 3/12/2018





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2    AMENDMENT NO. ______. Amend Senate Bill 2559 by replacing
3everything after the enacting clause with the following:
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



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1learning that enrolls students who are eligible to receive
2financial aid. The program shall require that each public
3institution of higher learning that receives education loan
4information for a student enrolled at the institution provide
5annually to the student or the parent or guardian of the
6student the following information:
7        (1) An estimate of the total amount of education loans
8    taken out by the student or the parent or guardian.
9        (2) An estimate of (i) the potential total payoff
10    amount of the incurred education loans or a range of the
11    total payoff amount and (ii) monthly repayment amounts that
12    a similarly situated borrower may incur for the amount of
13    loans the student or the parent or guardian has taken out
14    at the time the information is provided, including
15    principal and interest amounts.
16        (3) The percentage of the borrowing limit the student
17    or the parent or guardian has reached at the time the
18    information is provided.
19        (4) Any financial resources available to the student or
20    the parent or guardian.
21    The information provided under this subsection (b) may
22include a statement that the estimates and ranges are general
23in nature and are not meant as a guarantee or promise of the
24actual projected amount.
25    (c) A public institution of higher learning is not liable
26for any representations made during the pilot program.



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1    (d) This Section is repealed on June 1, 2023.".