Attorney General Madigan: Governor Rauner Fails to Protect Student Loan Borrowers from Deceptive Student Loan Companies

“Today Gov. Rauner failed to stand up for struggling student loan borrowers, their families and our state’s economy. His veto of the Student Loan Bill of Rights shows he doesn’t care about the financial reality that student loan borrowers face and has instead sided with large corporations that put their profits before their customers,” Madigan said. “My investigation into the student loan industry revealed that student borrowers were forced into expensive repayment plans they cannot afford. These abusive practices prevent borrowers from achieving their goals, dreams and financial independence.”

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Lisa Madigan: It’s time for an Illinois Student Loan Bill of Rights

Across Illinois and the country, millions of Americans young and old contend with student loan debt. Their struggle is exacerbated by fraudulent practices in the student loan industry that create more difficult and more expensive paths to repayment. I initiated the Illinois Student Loan Bill of Rights to rein in the student lending industry and put borrowers’ needs first so they can repay at rates they can afford. But while I fight to ensure fairness in this industry, companies who profit off deception and abuse are fighting against me.

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Lisa Madigan: Why I'm suing Betsy DeVos

Higher education is meant to provide economic opportunity to Americans—not provide unscrupulous companies the opportunity to syphon off billions in federal taxpayer dollars unfairly. Yet the illegal practices of the for-profit schools industry, including lying about accreditation and job placement, have lured millions of Americans to enroll in programs that ultimately leave them trapped in a lifetime of paralyzing student loan debt.

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States line up against DeVos to save Obama's college rules

Illinois Attorney General Lisa Madigan said in a statement that students "should not have to pay for student loans they obtained to attend fraudulent schools that promised education and training that they did not provide. The Department of Education has clear evidence of Corinthian's widespread fraud, yet it has delayed relief for thousands of these former students and others who are still on the hook for their student loan debt."

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