Illinois SB1537 establishes regulations for educational income share agreements (EISAs), including payment affordability, maximum interest rates, and.
Illinois SB1537 amends the Student Loan Servicing Rights Act to introduce regulations for educational income share agreements (EISAs). EISAs are agreements where a provider credits or advances money to a consumer for postsecondary educational expenses, with payments based on the consumer's income. The bill mandates that EISA payments cannot exceed 8% of the consumer's income and limits the maximum number of payments to 180. It also prohibits EISAs from including cosigners and restricts the use of multiple agreements.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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