IL HB1430

Amends the Student Investment Account Act to add "refinance loans" as a new investment program option, allowing Illinois residents to refinance existing post-secondary education loans through the State Treasurer's program

Removes all references to "income share agreements" and "income share agreement providers" from the Act, eliminating this funding mechanism where students would pay a percentage of future earnings in exchange for education funding

Expands the definition of "borrower" to include any Illinois resident (not just students) who has received an education loan, as well as Illinois resident parents who have received or agreed to pay an education loan

Changes fee establishment from mandatory ("shall") to permissive ("may"), giving the State Treasurer discretion in whether to establish fees for administration, recordkeeping, marketing, and investment management

Takes effect immediately upon becoming law