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Phelps Finnie votes to override veto of Student Loan Bill of Rights, measure becomes law

Posted by on Friday, January 5th, 2018 @ 1:46 pm.

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.

Short URL: https://www.disclosurenewsonline.com/?p=98891

Posted by on Jan 5 2018. Filed under Alexander, Gallatin, Hamilton, Hardin, Jackson, Johnson, Massac, Pope, Pulaski, Saline, Union. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

1 Comment for “Phelps Finnie votes to override veto of Student Loan Bill of Rights, measure becomes law”

  1. M D Stine

    When will all the senators and representatives from ALL 50 of the states begin addressing the elephant in the college room? 84% (source NCES.ED.Gov)
    of college students attend STATE owned colleges and it is the individual states that establish the price tag for the State schools, when will the states take ownership of their role of this debate with legislation to reduce their demanded selling price?

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