State Treasurer plan to help young people refinance their student loans passes the House

SPRINGFIELD, Ill. (WAND) — A Democratic plan in Springfield could create a student investment program in the Treasurer's office to help young people refinance their private student loans.

It would also allow the Treasurer to work with financial institutions to expand loan options and lower interest rates.

State Rep. Eva-Dina Delgado (D-Chicago) said the program will help students get cheaper loans.

"I would like all of us to remember back in the days when we were paying student loans [and] some of us are still paying students loans," Delgado said. "Having the opportunity to refinance a very high interest rate loan by going through a program like this is a great opportunity for us to be offering to Illinoisan."

On the House floor, some GOP lawmakers voiced their concerns to the proposal, who said that this is not the time to spend more money.

"We all want to help people that are having a difficult time," State Rep. Dan Ugaste (R-St. Charles) said. "However, this is taking money from the state of Illinois at a time when the Governor said we have to make some cuts."

The plan passed out of the House on a partisan 67-38-1 vote. It now heads to the Senate for further debate.