SPRINGFIELD, Ill. (WAND) — Illinois residents hold roughly $63 billion in student loan debt, but a new state law will help keep track of the private student loan borrowing market.

The law calls for an annual report documenting the total number and dollar amount of private education loans made by lenders. It also requires data on student loans made with cosigners and the default rate for private student loans.

Sponsors said this is critical as the Trump administration has capped lending for student borrowers.

"Analysis showing when the [students] themselves are not able to pay back that will better reflect and more accurately assess the risk, especially around federal student loan access and the private loan industry for student loans," said Rep. Margaret Croke (D-Chicago).

Lawmakers believe this information can give a clearer picture of how students are doing with their debt and what actions Illinois can take to help them.

House Bill 4754 passed unanimously out of both chambers this spring. 

This law took effect Friday. 

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