IL SB3106

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, replacing the previous requirement to report only "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 from the previous reporting period, in addition to the existing historical lifetime default rate requirement

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

Takes effect immediately upon becoming law