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Code · Illinois · Chapter 110 — HIGHER EDUCATION · Act 983

Sec. 30. Refinancing.

77 words·~1 min read·/il/chapter-110/act-983/30

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Sec. 30. Refinancing. Before offering a person a private education loan that is being used to refinance an existing education loan, a private educational lender shall provide the person with a disclosure explaining that the benefits and protections applicable to the existing loan may be lost due to the refinancing. The disclosure must be provided on a one-page information sheet in at least 12-point type and must be written in simple, clear, understandable, and easily readable language.
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