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IllinoisHB1430104th General Assembly (2025–2026)HouseWALLET

STUDENT INVESTMENT ACCOUNT

Sponsored By: Eva-Dina Delgado (Democratic)

Became Law

higher educationassignmentsfinancial institutions

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 1 costs, 2 mixed.

Wage garnishment for student debt

The Treasurer can order your employer to withhold pay for unpaid program debts. Debts include education loans, refinance loans, or income share agreements. Before garnishment, the Treasurer must send a demand. You get a chance to contest the debt or amount. This can apply outside Illinois as federal and other states’ laws allow. Collections follow rules set by the Treasurer.

Assistance fund for program borrowers

The law creates a Student Investment Account Assistance Fund. It is a separate trust fund in the State Treasury. The Treasurer uses it to help qualifying borrowers and ISA participants. Money comes from investment earnings and parts of program fees.

State loans and ISAs for Illinois students

The State Treasurer runs a Student Investment Account. It can make, buy, refinance, and service education loans and income share agreements. Illinois resident students can borrow. Illinois resident parents can also borrow if the Treasurer approves them. The program can invest funds and work with approved Illinois schools and lenders.

Program fees and insurance on student loans

The Treasurer can charge fees to run the program. Fees can cover administration, recordkeeping, marketing, and investment management. If the Treasurer owns or services your loan or ISA, insurance premiums can be charged. The Treasurer can also pay part of those premiums when prudent.

Treasurer partnerships with lenders and colleges

The Treasurer can contract with lenders, colleges, ISA providers, and servicers. The Treasurer sets who can participate and rules for making agreements and loans. Rules can require default reserves, insurance, debt service reserves, or guarantees. The Treasurer can pay administrative fees to these partners for their services.

Sponsors & Cosponsors

Sponsor

  • Eva-Dina Delgado

    Democratic • House

Cosponsors

  • Angelica Guerrero-Cuellar

    Democratic • House

  • Barbara Hernandez

    Democratic • House

  • Carol Ammons

    Democratic • House

  • Graciela Guzmán

    Democratic • Senate

  • Hoan Huynh

    Democratic • House

  • Jaime M. Andrade, Jr.

    Democratic • House

  • Kelly M. Cassidy

    Democratic • House

  • Kevin John Olickal

    Democratic • House

  • Mark L. Walker

    Democratic • Senate

  • Omar Aquino

    Democratic • Senate

  • Robert F. Martwick

    Democratic • Senate

  • Robert Peters

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 130 • No: 52

Senate vote • 5/22/2025

Third Reading - Passed;

Yes: 46 • No: 12

Senate vote • 5/7/2025

Do Pass Financial Institutions;

Yes: 7 • No: 1

House vote • 4/7/2025

Third Reading - Short Debate - Passed

Yes: 67 • No: 38 • Other: 1

House vote • 2/26/2025

Do Pass as Amended / Short Debate Higher Education Committee;

Yes: 10 • No: 1

Actions Timeline

  1. Public Act . . . . . . . . . 104-0180

    8/15/2025House

  2. Effective Date August 15, 2025

    8/15/2025House

  3. Governor Approved

    8/15/2025House

  4. Sent to the Governor

    6/20/2025House

  5. Passed Both Houses

    5/22/2025House

  6. Third Reading - Passed; 046-012-000

    5/22/2025Senate

  7. Added as Alternate Co-Sponsor Sen. Graciela Guzmán

    5/14/2025Senate

  8. Placed on Calendar Order of 3rd Reading May 13, 2025

    5/8/2025Senate

  9. Second Reading

    5/8/2025Senate

  10. Placed on Calendar Order of 2nd Reading May 8, 2025

    5/7/2025Senate

  11. Do Pass Financial Institutions; 007-001-000

    5/7/2025Senate

  12. Added as Alternate Chief Co-Sponsor Sen. Robert Peters

    5/6/2025Senate

  13. Added as Alternate Chief Co-Sponsor Sen. Robert F. Martwick

    5/6/2025Senate

  14. Postponed - Financial Institutions

    4/30/2025Senate

  15. Added as Alternate Chief Co-Sponsor Sen. Mark L. Walker

    4/25/2025Senate

  16. Assigned to Financial Institutions

    4/23/2025Senate

  17. Referred to Assignments

    4/8/2025Senate

  18. First Reading

    4/8/2025Senate

  19. Chief Senate Sponsor Sen. Omar Aquino

    4/8/2025Senate

  20. Placed on Calendar Order of First Reading

    4/8/2025Senate

  21. Arrive in Senate

    4/8/2025Senate

  22. Added Co-Sponsor Rep. Hoan Huynh

    4/7/2025House

  23. Added Co-Sponsor Rep. Jaime M. Andrade, Jr.

    4/7/2025House

  24. Third Reading - Short Debate - Passed 067-038-001

    4/7/2025House

  25. Added Co-Sponsor Rep. Kelly M. Cassidy

    4/4/2025House

Bill Text

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