FOR IMMEDIATE RELEASE
November 7, 2017
Contact: Sarah Schultz, email@example.com, 202-734-6510
Tonight the Illinois General Assembly joined the State Senate in voting to overturn Governor Rauner’s veto of the Student Loan Bill of Rights (SB 1351). This bill will prohibit predatory practices from lenders, increase transparency and accountability, and create an impartial public advocate that students can turn to for help with loan servicers.
Erin Steva, Young Invincibles’ Midwest Director, issued the following statement:
“Right now, our students are being let down by the student loan servicing industry. They have weathered state budget insecurity and have seen college costs skyrocket, but regardless they know the value of attaining a college degree, even if it forces them into severe debt. Too often loan servicers take advantage of students’ investments by failing to provide timely and accurate information about payments and by obstructing borrowers’ requests to lower their monthly payments. Until now, servicers have had free reign to pull the wool over borrowers’ eyes and prevent them from accessing repayment plans that meet their needs. The Student Loan Bill of Rights pulls back that wool by ensuring borrowers receive the accurate information they need to repay their loans. Tonight’s vote, which will overturn Governor Rauner’s veto on the bill, comes to the relief of tens of thousands of loan borrowers across our state.”