IL HB4754

Amends the Know Before You Owe Private Education Loan Act to require private educational lenders to report the total number and dollar amount of loans made annually, rather than just "volume"

Adds new reporting requirements for the total number and dollar amount of private education loans made annually with a cosigner

Requires lenders to report the default rate for private education loans at each institution of higher education for the previous reporting period

Defines "default rate" as the default amount during a reporting period divided by the total loan amount of all outstanding loans at the beginning of that period

Takes effect immediately upon becoming law