Illinois House puts student-loan rights into law

Illinois House puts student-loan rights into law (WICS File Photo)

Student loan services will now be required to explain all re-payment options to lenders.

The House voted 98-16 to override the governor's veto of the Student Loan Bill of Rights Tuesday. The measure now becomes law.

Any student looking to borrow money will be given income-driven plans to pay back the money.

Payments will be based on how much they make.

Borrowers must also be told those loans could be forgiven due to a disability or even a problem with their school.

Attorney General Lisa Madigan pushed for this bill.

She praised lawmakers for overriding the veto and said in part, "The student loan bill of rights will ensure that borrowers receive the necessary information to handle repayment of their student loans in a financially responsible manner."

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