Partly Cloudy
66°FPartly CloudyFull Forecast

Ill. bill could mean interest-free college loans

Published: Tuesday, March 4, 2014 6:30 a.m. CDT

SPRINGFIELD (AP) — An Illinois state lawmaker says he's sponsoring legislation that would give what could amount to interest-free loans to college students.

Democratic state Rep. Jay Hoffman of Swansea tells the Belleville News-Democrat ( ) that House Bill 5323 would direct the Illinois Student Assistance Commission to study a pay-it-forward type of loan program.

Under it, students attending community colleges or state universities would have to sign a contract to repay the costs of their education to the state from a portion of their adjusted gross income following graduation.

Hoffman says that the recent explosion of student debt requires a new approach.

The measure last week unanimously passed the House Higher Education Committee and goes to the House floor.


Information from: Belleville News-Democrat,

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

National video

Reader Poll

CNN will host the first debate of Democratic candidates for president on Oct. 13. Do you plan to watch it?
Not sure
No opinion