ISAC- Student Loan Refinance
- School equity, restructuring and oversight
Amends the Higher Education Student Assistance Act. Requires the Illinois Student Assistance Commission to establish a student loan refinancing program for the purpose of purchasing any outstanding federal, State, or private student loans of an applicant who meets specified criteria, including Illinois residency. Provides that if the Commission refinances the loan of an applicant, the applicant must be charged the lowest possible interest rate for student loans in this State on the date the Commission approves the application. Provides that if at any time an individual who is participating in the refinancing program is no longer a resident of this State, the Commission may increase his or her loan interest rate. Requires the Commission to adopt rules.