IL HB3221

Creates the Student Loan Estimated Monthly Payment Act requiring lenders to provide students with statements estimating monthly loan repayment amounts at the time of loan agreement.

Defines "institution of higher education" as any public or private college, university, or public community college in Illinois.

Defines "lender" as any entity providing loans to students for attending institutions of higher education and "student" as a person attending or planning to attend such institutions.

Assigns the Illinois Student Assistance Commission authority to administer and enforce the Act and adopt necessary rules for implementation.