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ARTICLE · 31 AUGUST 2021

Student Lending: Illinois Enacts ‘Know Before You Owe' Law

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Illinois House Bill 2746, also known as the "Know Before You Owe Private Education Loan Act," was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage...

United StatesFinance and Banking
Bryan Schneider
Bryan Schneider
Jonathan S. Joshua
Jonathan S. Joshua
Madelaine A. Newcomb
Madelaine A. Newcomb

Illinois House Bill 2746, also known as the "Know Before You Owe Private Education Loan Act," was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage in both chambers of the Illinois Assembly. The act "aims to provide potential student borrowers with critical information, allowing them to make informed decisions about how to responsibly finance their education," by ensuring that student borrowers are informed of their federal loan eligibility before taking out private loans. The act also imposes new certification and reporting requirements on private student lenders and educational institutions.

What Happened

Illinois Governor J.B. Pritzker recently signed the bipartisan "Know Before You Owe Private Education Loan Act." Under the act, private student lenders must obtain certification from educational institutions of certain information prior to disbursing private student loans or income share agreements, including

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