An initiative sponsored by State Senator Omar Aquino to expand loan options for student loan borrowers passed the Senate Thursday.
House Bill 1430 would allow the Illinois State Treasurer to invest in refinanced student loans and work with financial institutions that provide refinancing for student loans. Refinanced loans at lower rates will result in lower payments for borrowers, freeing up spending power and supporting the local economy.
Student debt now totals over $62 billion in Illinois according to the Education Data Initiative. This impacts 13% of Illinoisans – around 1.6 million people. The average debt per borrower in Illinois is just under $40,000.
House Bill 1430 passed the Senate Thursday.
