What To Know About Ill. Student 'Know Before You Owe' Law

By Jonathan Joshua, Bryan Schneider and Madelaine Newcomb (September 1, 2021, 4:35 PM EDT) -- Illinois H.B. 2746, also known as the Know Before You Owe Private Education Loan Act, was signed into law by Illinois Gov. J.B. Pritzker on Aug. 26, after unanimous passage in both chambers of the Illinois Assembly.

The act, which went into effect immediately upon signature by the governor, seems likely to pose significant compliance challenges for institutions of higher education that offer instruction to Illinois residents, student lenders and providers of income share agreements, or ISAs.

While the act commendably "aims to provide potential student borrowers with critical information, allowing them to make informed decisions about how to responsibly finance...

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