SPRINGFIELD, Ill. (AP) — State lawmakers have advanced a plan to explore if Illinois could offer college loans to students that would be paid back based on income after graduation.
A Senate committee on Tuesday voted 9-0 to approve a study on the proposal. Pennsylvania lawmakers are considering similar legislation that allows students to pay back interest-free debt based on their post-graduation incomes. The Illinois plan would focus on giving loans to those in need.
State Sen. Mike Frerichs is the sponsoring the legislation. The Champaign Democrat says the state needs to make higher education affordable to build an educated workforce.
University officials say they want to make college affordable. But they say the state should examine ways to fund the program when it's first instituted.
The bill is HB5323.