Scott BennettSPRINGFIELD – State Senator Scott Bennett (D-Champaign) voted today to protect Illinois college students from crushing college debt.

The Illinois Senate voted to override Governor Rauner’s veto of Senate Bill 1351, which creates the Student Loan Bill of Rights and prohibits predatory loan servicers from engaging in any unfair or deceptive practices towards any students and parents.

“At a time where many young people are graduating from college with crippling debt, we need to make sure that students understand their rights and have access to proper resources,” Bennett said. “This legislation is a good first step to take in helping students and their families from falling behind on payments or defaulting on their loans.”

Bennett sponsored the Student Loan Bill of Rights to ensure that students and their families receive clear information about the money they borrow for higher education and how their student loans are serviced.

Over the past decade, student loan debt has doubled to become the largest form of unsecured consumer debt in the country with more than 40 million borrowers owing over $1.4 trillion. Nearly 70 percent of graduates leave college with an average debt burden of $30,000, and one-in-four borrowers are behind on their payments or in default.

Senate Bill 1351 also aims to crack down on the student loan servicing industry that has made it more difficult and more expensive for borrowers to repay their loans.

“Going to college should not be the financial burden that it has become,” Bennett said. “Every student in Illinois should have the opportunity to advance or complete their education without the fear of debilitating debt upon graduation.”

 

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