Public Act 100-0926
 
SB2559 EnrolledLRB100 18197 AXK 33398 b


  
    AN ACT concerning education.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
 
    Section 5. The Higher Education Student Assistance Act is 
amended by adding Section 83 as follows:
 
    (110 ILCS 947/83 new)
    Sec. 83. Education loan information pilot program.
    (a) In this Section, "education loan" means any State or 
federal education loan or other loan used primarily to finance 
a postsecondary education and costs of attendance at a public 
institution of higher learning, including, but not limited to, 
tuition, fees, books and supplies, room and board, 
transportation, and miscellaneous personal expenses.
    (b) Beginning with the 2019-2020 academic year, the 
Commission shall develop a 3-year education loan information 
pilot program for use by each public institution of higher 
learning that enrolls students who are eligible to receive 
financial aid. The program shall require that each public 
institution of higher learning that receives education loan 
information for a student enrolled at the institution  provide 
annually to the student or the parent or guardian of the 
student the following information: 
        (1) An estimate of the total amount of education loans 
    taken out by the student or the parent or guardian.
        (2) An estimate of (i) the potential total payoff 
    amount of the incurred education loans or a range of the 
    total payoff amount and (ii) monthly repayment amounts that 
    a similarly situated borrower may incur for the amount of 
    loans the student or the parent or guardian has taken out 
    at the time the information is provided, including 
    principal and interest amounts.
        (3) The percentage of the borrowing limit the student 
    or the parent or guardian has reached at the time the 
    information is provided.
        (4) Any financial resources available to the student or 
    the parent or guardian. 
    The information provided under this subsection (b) may 
include a statement that the estimates and ranges are general 
in nature and are not meant as a guarantee or promise of the 
actual projected amount. 
    (c) A public institution of higher learning is not liable 
for any representations made during the pilot program.
    (d) This Section is repealed on June 1, 2023.