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Amends the Know Before You Owe Private Education Loan Act. Provides that the annual report to the Department of Financial and Professional Regulation and the Student Loan Ombudsman shall include the total number and dollar amount (instead of the volume) of private education loans made annually by a private educational lender, the total number and dollar amount (instead of the volume) of private education loans made annually at institutions of higher education, the total number and dollar amount of private education loans made annually with a cosigner, and the default rate for the private education loans reported by the private educational lender pursuant to specified provisions for the previous reporting period. Effective immediately.
Introduced
Jan 29, 2026
Last Action
Mar 5, 2026
Session
IL 104th
Sponsors
1 primary · 4 co
Added as Co-Sponsor Sen. Robert Peters
Added as Co-Sponsor Sen. Julie A. Morrison
Added as Co-Sponsor Sen. Paul Faraci
Second Reading
Placed on Calendar Order of 3rd Reading March 3, 2026
Placed on Calendar Order of 2nd Reading February 26, 2026
Do Pass Higher Education; 013-000-000
Added as Co-Sponsor Sen. Mary Edly-Allen
Assigned to Higher Education
Filed with Secretary by Sen. Michael W. Halpin
Referred to Assignments
First Reading
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Added as Co-Sponsor Sen. Robert Peters
Michael W. Halpin