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Illinois Student Loan Bill of Rights Enacted After Override of Gov. Rauner’s Veto

On Nov. 7, the Illinois General Assembly voted overwhelmingly to override Gov. Bruce Rauner’s veto and enact a bill of rights for student borrowers (SB 1351). The Illinois Student Loan Bill of Rights was drafted by the office of Attorney General Lisa Madigan and sponsored by Sen. Daniel Biss and Rep. Will Guzzardi after Madigan’s investigation and lawsuit against Navient (one of the country’s largest student loan servicing companies) found serious abuses and failures. The bill of rights will try to prevent borrowers from being misled or ignored by the companies that service their loans. It will require companies to properly process payments and inform borrowers when loans can be forgiven because of disabilities or problems with the college they attended, and explain to borrowers all of their repayment options.

Guzzardi declared, “we took decisive action to override the Governor’s wrong-headed veto and protect student borrowers in this state.” Madigan said. “The Student Loan Bill of Rights will ensure that borrowers receive the necessary information to handle repayment of their student loans in a financially responsible manner.”