IL SB1342

Requires the Illinois Student Assistance Commission to establish a student loan refinancing program to purchase outstanding federal, state, or private student loans.

Applicants must be Illinois residents, have graduated from a U.S. institution of higher learning or postsecondary institution, and not be in default on any student loan or owe repayment on any state or federal grant or scholarship.

Approved applicants must be charged the lowest possible interest rate for student loans in Illinois on the date the Commission approves their application.

The Commission may increase an applicant's interest rate if they cease to be an Illinois resident while participating in the program.

The Commission must adopt rules to implement the program and establish application procedures and any additional qualification criteria.