Illinois attorney general going after predatory lenders in the student loan business

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Illinois attorney general going after predatory lenders in the student loan business

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Illinois Attorney General Kwame Raoul lent his voice in Washington Tuesday to support legislation to help people escape predatory student loans. (Dave Dahl/WJBC)

By Dave Dahl

SPRINGFIELD – General Raoul goes to Washington!

Illinois attorney general Kwame Raoul testified to the Senate Judiciary Committee Tuesday to support legislation to help people escape predatory student loans.

“Failing to hold these predatory institutions accountable does nothing but line the pockets of the shareholders at the expense of taxpayers,” Raoul told senators. “Struggling borrowers have been waiting long enough. The time for reform is now.”

The scale of the problem, Raoul says, can be staggering.

“Nearly thirty percent of federal student loan borrowers default within twelve years of entering college. A major contributor to student debtload are predatory and expensive for-profit schools. For-profit schools have the worst repayment rates,” said Raoul.

The bill in question is called “Fresh Start through Bankruptcy” and would make such loans easier to discharge.

Dave Dahl can be reached at news@wjbc.com

via WJBC AM 1230

August 4, 2021 at 06:53AM

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