IL SB1698

Creates the Task Force on Higher Education Private Student Loans to investigate rates, fees, and terms of private student loans made to Illinois students.

Task Force membership includes legislators appointed by Senate and House leadership, representatives from banking, private schools, student loan corporations, the Illinois Student Assistance Commission, Attorney General, Board of Higher Education, State Treasurer, and Department of Financial and Professional Regulation.

Task Force duties include investigating private loan accessibility, affordability, impact on post-graduation debt and career choices, relationship between tuition increases and loan availability, and whether race and ethnicity affect loan terms.

Illinois Student Assistance Commission provides administrative and logistical support for the Task Force.

Task Force must submit findings and recommendations to the General Assembly by December 31, 2010, and is dissolved upon filing the report; Act expires January 1, 2011.