A plan that could lead to Illinois changing its student loan repayment programs is moving through the General Assembly. The new method would let students pay back loans based on their income, instead of a set schedule.
The model is a European one, often used in the U.K. and Australia, says sponsor Jack Franks (D-Marengo). Franks says he wants to prevent college grads from being shackled to large debt payments.
Currently, students have to begin making steady payment shortly after they graduate, whether or not they've found a job, and regardless of how much that job pays.
Illinois lawmakers are considering whether to crack down on universities giving a certain type of interest-free loan to faculty. Except it doesn’t seem to be happening in Illinois.
State Rep. Jack Franks, a Democrat from Marnego, says the legislation is meant to prevent universities from abusing their tax-exempt status.
“What we found was that tax-exempt universities were giving interest-free … loans, and also forgiving loans, for second homes for professors, at a time when students are taking on excessive debt," Franks says.
As gas prices rise and fall, there's one constant: however much you pay to fill your gas tank, it's taxed. Several proposals would change how.
In Illinois, gasoline is taxed twice.
"What we have in Illinois is a tax on a tax," Rep. Jack Franks (D-Marengo) says. "Which is just wrong. Because right now we get charged with the motor fuel tax. But then on top of that, they charge a sales tax."
The Illinois House gave final approval on Tuesday to a ban the hand-held use of cell phones behind the wheel. The fate of the idea is now up to Gov. Pat Quinn. The issue had been debated before, but one opponent of the measure had a few new points to make.
Rep. Jack Franks, D-Marengo, decided to recount a long story about a recent stop at a Wendy's. He ordered a Frosty.