Bill Text: IL SB1342 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Higher Education Student Assistance Act. Makes a technical change concerning the Act's purpose.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB1342 Detail]
Download: Illinois-2019-SB1342-Introduced.html
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1 | AN ACT concerning education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Higher Education Student Assistance Act is | ||||||||||||||||||||||||
5 | amended by adding Section 71 as follows:
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6 | (110 ILCS 947/71 new) | ||||||||||||||||||||||||
7 | Sec. 71. Student loan refinancing program. | ||||||||||||||||||||||||
8 | (a) The Commission must establish and, each year, receive | ||||||||||||||||||||||||
9 | and consider applications under a student loan refinancing | ||||||||||||||||||||||||
10 | program for the purpose of purchasing any outstanding federal, | ||||||||||||||||||||||||
11 | State, or private student loans of an applicant who meets all | ||||||||||||||||||||||||
12 | of the following qualifications: | ||||||||||||||||||||||||
13 | (1) He or she is a resident of this State. | ||||||||||||||||||||||||
14 | (2) He or she has graduated from an institution of | ||||||||||||||||||||||||
15 | higher learning or any other public or private | ||||||||||||||||||||||||
16 | postsecondary institution in the United States. | ||||||||||||||||||||||||
17 | (3) He or she is not in default on any student loan and | ||||||||||||||||||||||||
18 | does not owe a refund or repayment on any State or federal | ||||||||||||||||||||||||
19 | grant or scholarship. | ||||||||||||||||||||||||
20 | (4) Any other criteria established by the Commission. | ||||||||||||||||||||||||
21 | (b) If the Commission refinances the loan of an applicant | ||||||||||||||||||||||||
22 | under this Section, the applicant must be charged the lowest | ||||||||||||||||||||||||
23 | possible interest rate for student loans in this State on the |
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1 | date the Commission approves the application. If at any time an | ||||||
2 | individual who is participating in the refinancing program is | ||||||
3 | no longer a resident of this State, the Commission may increase | ||||||
4 | his or her loan interest rate. | ||||||
5 | (c) All applications under this Section must be made to the | ||||||
6 | Commission on forms that the Commission shall provide. The | ||||||
7 | Commission shall determine the form of application and the | ||||||
8 | information required to be set forth in the application, and | ||||||
9 | the Commission shall require applicants to submit with their | ||||||
10 | applications any supporting documents that the Commission | ||||||
11 | deems necessary. | ||||||
12 | (d) The Commission must adopt rules to implement this | ||||||
13 | Section.
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