Students, university officials react to new student loan bill of - WGEM.com: Quincy News, Weather, Sports, and Radio

Students, university officials react to new student loan bill of rights law

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The state of Illinois recently passed a student loan bill of rights. The state of Illinois recently passed a student loan bill of rights.
Companies are required to not mislead students. Companies are required to not mislead students.
Over half of the students at Quincy University use student loans. Over half of the students at Quincy University use student loans.
Companies are also required to inform students of all repayment options. Companies are also required to inform students of all repayment options.
Schenk said she thinks the student loan bill of rights is a good idea. Schenk said she thinks the student loan bill of rights is a good idea.
QUINCY, Ill. (WGEM) -

Illinois legislators recently passed a student loan bill of rights to help protect students.

The student loan bill of rights aims to prohibit loan companies from misleading students, and it also requires those companies to inform students of all possible repayment options. 

At Quincy University, more than half of the students use student loans.

Quincy University Vice President for Enrollment Management Tom Oliver said on Thursday that the law is in response to a drop in enforcement of federal regulations. 

"The current administration has stepped back on some of their enforcement of those rules, and now what has happened is the individual states are having to step in and put regulations in place." Oliver said.

He also added that it should create more transparency for students in Illinois looking to borrow money for college.

"What it should do is give the borrowers in repayment better access to information on their options, and what their responsibilities are with that particular servicer." Oliver said.

Elisabeth Schenk is a junior at Quincy University, and she said she knows many classmates who use student loans.

"A lot of people have student loans." Schenk said. "I know myself, and all of my friends do. It's extremely important to know about it, and college is very very expensive, especially because a lot of us go onto grad school now."

Students like Schenk said more access to information is a good thing, and it will help them prepare ahead of time.

"You need to know those requirements, so that you are definitely ready to go, cause you don't want to be blindsided in the end and be like oh no. I don't have money to pay for this semester. What am I going to do?"

The law goes into effect at the end of December 2018.

You can view the law below.

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