SPRINGFIELD, Ill. – To help ensure that students have access to fair and honest education loans, state Rep. Natalie Phelps Finnie, D-Elizabethtown, joined together with lawmakers from around the state to successfully override the governor’s veto of the Student Loan Bill of Rights. The measure recently became law.
“Providing our young people with an opportunity to receive a quality education is vital for our future,” said Phelps Finnie. “Since many college-aged students do not have the resources to pay for college without taking out student loans, it is important to ensure that our students are not being taken advantage of by loan companies.”
Phelps Finnie supported Senate Bill 1351, which created the Student Loan Bill of Rights. The new law is aimed at prohibiting lenders from practicing unfair or deceptive business tactics and streamlines the loan repayment process. The measure will also require licensing of all student loan lenders by the Department of Financial and Professional Regulation. This measure will become effective on Dec. 31, 2018.
“This new law will safeguard students by ensuring that student loan companies are no longer able to take advantage of them through unfair and misleading business practices,” Phelps Finnie continued. “I believe that we should be encouraging our youth to pursue their education, and by holding student loan companies accountable, we can provide students with necessary protections they deserve.”
For more information, please contact Phelps Finnie’s constituent service office at 618-253-4189, or email RepPhelpsFinnie@gmail.com.Phelps Finnie represents all or portions of the following counties: Alexander, Gallatin, Hamilton, Hardin, Jackson, Johnson, Massac, Pope, Pulaski, Saline and Union.