Student loan debt has skyrocketed to an all time high, and that’s why Illinois lawmakers want to make sure students are well educated on college debt.
Studies show that, on average, college students graduate with more than $34,000 debt, up 62% in the last decade.
The state Senate passed a measure that would help college students make more informed financial decisions about their education.
The bill, backed by Senator Steve Stadelman (D), creates a three-year pilot program, requiring public universities and community colleges to send an annual letter to students, detailing the current loan and annual re-payment amounts.
Stadelman says it will help students know up-front how much they’ll owe when they graduate, and be able to see the full expense of their education.
The bill would go into effect for the 2019-2020 school year.
The bill passed the Senate and now moves on to the House.