SPRINGFIELD, Ill. (WAND) — A Democratic plan in Springfield could create a student investment program in the Treasurer's office to help Illinoisans refinance their private student loans.
Treasurer Michael Frerichs (D-Illinois) speaks during a press conference in Chicago on March 26, 2024.
It would also allow the Treasurer to work with financial institutions to expand loan options and lower interest rates.
"This bill is about making sure people have the ability to offer another option to Illinois borrowers so that at the end of the day they'll be able to have more money in their pockets," state Sen. Omar Aquino (D-Chicago) said.
Some GOP members who criticized the proposal said bills like these are why the state is in a financial crisis.
The bill passed out of the Senate on a 46-12 vote with some Republicans voting in favor. It now heads to the Governor's office where it could be signed into law.
Copyright 2025. WAND TV. All rights reserved.
