HB2685 - Student Loan Investment Act

• Establishes a Student Investment Account within the State Treasurer's State Investment Portfolio, allowing allocation of up to 5% of portfolio funds to support student education financing through loans, income-sharing agreements, and linked deposits.

• Authorizes the State Treasurer to originate, guarantee, acquire, service education loans and enter into income-sharing agreements with Illinois resident borrowers for post-secondary education attendance at approved institutions.

• Creates three special funds to support the program: an Administrative Fund for operational costs, a Loss Reserve Fund for default protection, and an Assistance Fund to provide aid to qualifying borrowers.

• Permits the State Treasurer to establish eligibility criteria for participating lenders and entities, collect administrative and insurance fees, and implement wage deduction procedures for loan debt recovery.

• Amends the Deposit of State Moneys Act to authorize Student Loan Investment Act investments as a permitted use of state treasury funds, and exempts the State Treasurer from student loan servicer licensing requirements under the Student Loan Servicing Rights Act.