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IL HB3207
Bill
Status
Introduced
2/19/2021
Primary Sponsor
Nicholas Smith
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AI Summary
- Amends the Board of Higher Education Act by adding Section 9.40 regarding for-profit institution program oversight
- Requires the Board of Higher Education to adopt rules prohibiting nonpublic, for-profit institutions from continuing any program or degree if estimated annual loan repayment exceeds 20% of a typical graduate's total annual income
- Alternatively prohibits programs where estimated annual loan repayment exceeds 8% of a typical graduate's total monthly income
- Designed to prevent for-profit institutions from enrolling students in programs where higher education loan debt would exceed expected career income
Legislative Description
HIGHER ED STUDENT LOAN DEBT
Last Action
Rule 19(a) / Re-referred to Rules Committee
3/27/2021
Committee Referrals
Rules3/27/2021
Higher Education3/16/2021
Rules2/19/2021
Full Bill Text
No bill text available