'Student Loan Bill Of Rights' Headed To Governor's Desk

Jun 6, 2017

A bill headed to the governor’s desk would help protect students who take out loans.

The “Student Loan Bill of Rights” requires lenders to explain repayment options to struggling borrowers as well as inform graduates how their loan could be forgiven under certain circumstances. It’s sponsored by Sen. Daniel Biss, D-Skokie, who says the bill also sets up a student-loan ombudsman in addition to a state licensing regime for student-loan servicers.

"If we see a servicer not doing what they ought to be doing, we can pull that license and send them out of business," he said.

State Attorney General Lisa Madigan is urging Gov. Bruce Rauner to sign the bill into law. She claims that nearly 70% of graduates leave college with an average debt of $30,000.