IllinoisHB1430104th General Assembly (2025–2026)HouseWALLET

STUDENT INVESTMENT ACCOUNT

Sponsored By: Sponsor information unavailable

Signed by Governor

Summary

Amends the Student Investment Account Act. Allows the State Treasurer to originate, guarantee, acquire, and service refinance loans; invest in, and enter into contracts with, institutions that provide refinance loans; deposit funds with financial institutions that provide refinance loans; establish specific criteria governing the eligibility of entities to participate in the making of refinance loans; charge and collect premiums for insurance on refinance loans; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of a refinance loan debt. Removes language allowing the State Treasurer to: enter into income share agreements with participants, facilitate income share agreements between participants and eligible income share agreement providers, and perform other acts as may be necessary or desirable in connection with income share agreements; enter into contracts and guarantee agreements as necessary to operate the Student Investment Account with income share agreement providers or qualified income share agreement organizations; establish specific criteria governing the eligibility of entities to participate in the making of income share agreements; pay income share agreement providers or qualified income share agreement organizations an administrative fee in connection with services provided pursuant to the Student Investment Account; charge and collect premiums for insurance on income share agreements; and deduct from a State employee's salary, wages, commissions, and bonuses the recovery of an income share agreement. Allows (rather than requires) the State Treasurer to establish fees to cover the costs of administration, recordkeeping, marketing, and investment management related to the Student Investment Account. Removes language allowing moneys in the Student Investment Account Assistance Fund to be used to provide assistance to income share agreement participants. Makes conforming changes.

higher educationassignmentsfinancial institutions

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

More education loan options for Illinois residents

The Illinois State Treasurer can make, back, buy, service, and arrange refinance loans through the Student Investment Account. These loans refinance existing loans used for education after high school and are for Illinois residents. Illinois resident parents also qualify as borrowers after receiving or agreeing to pay an education loan, with the Treasurer’s approval. The law sets no loan amounts or rates.

Illinois ends income share financing options

The Student Investment Account no longer offers income share agreements as an education financing option. The Treasurer cannot enter or arrange these agreements through the program. Related fee, insurance, and wage-collection rules for these agreements are removed. The Assistance Fund remains available for qualifying borrowers, but express authority to help income share agreement participants is removed. The law sets no aid amounts or further qualifying rules.

Student loan program fees become optional

The Illinois State Treasurer no longer has to set Student Investment Account fees. The Treasurer can still set fees for administration, recordkeeping, marketing, and investment management. Participants’ costs depend on whether fees are charged and their amounts; the law sets no fee amounts.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Angelica Guerrero-Cuellar

    Democratic • House

  • Barbara Hernandez

    Democratic • House

  • Carol Ammons

    Democratic • House

  • Eva-Dina Delgado

    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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