A new bill could lead to more affordable alternatives to pay for college. The bill would have the Illinois Student Assistance Commission (ISAC) look at programs that allow students to attend state universities and community colleges while putting off paying tuition until after graduation. Unlike regular student loans, however, repayment would based on what a student is earning.
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One of the bill’s sponsors, State Rep. Jack Franks (D-Marengo), says now, recent graduates struggle to pay back those loans. “It’s just a crushing burden that students can’t handle when they come out,” Franks said, “and as a result, all of us suffer for it because they’re not buying cars, they’re not buying homes, they’re living at home. It does have a real adverse effect on the economy, as well as on the students’ lives.”
Franks says interest would “probably” be added to those loans. The measure was approved 111-0 in the House. Franks expects the bill to be voted on in the Senate in the next month.