College students would be able to make more informed financial decisions about their education under a measure passed this spring by State Senator Steve Stadelman (D-Rockford) and signed into law today. 

Stadelman’s proposal, Senate Bill 2559, creates a three-year pilot program that requires each public university and community college to send an annual letter detailing the current loan and annual repayment amounts to all students with college loans. 

“Thousands of Illinois students graduate from college each year and face the reality that they owe tens-of-thousands of dollars in student loans. For many of these students, it’s the first time they fully realize the expense of their education,” Stadelman said. “This new law will ensure students know up-front about the cost of their education and can make better financial decisions to save them money later on.”

Student loan debt in the United States skyrocketed from $833 billion to an all-time high of $1.4 trillion according to recent students. On average, college students graduate with over $34,000 in debt, up 62 percent in the last decade. 

In 2012, Indiana University began sending new and returning students a letter projecting the amount of debt they were expected to graduate with, along with what their monthly payments would be. After implementing this system, the university saw a decline in the amount of education loans taken out by students. The state of Indiana passed a similar law to cover all state universities and community colleges in 2015. 

Senate Bill 2559 will take effect Jan 1, 2019.

SPRINGFIELD – Legislation expanding an economic development tool known as the River Edge Tax Credit was signed into law by the governor today. The proposal, Senate Bill 3527, was passed through the General Assembly by State Senator Steve Stadelman (D-Rockford) earlier this spring.

While the tax credit was previously available in downtown Rockford, Aurora, Peoria, Elgin and East St. Louis, the new law will expand it across the entire state.

“This tax credit has been a vital tool to spur the economic growth of downtown Rockford,” Stadelman said. “I’m excited about the possibilities that await our state by expanding this credit statewide.”

The credit is equal to 25 percent of the rehabilitation costs for a business in a historic building, with a limit of $15 million total per year that will be administered by the Illinois Department of Natural Resources on a first-come first-serve basis. The program will expire at the end of 2023.
 
In Rockford, it has been used to incentivize projects like the $12 million renovation at the Prairie Street Brewhouse.

Now that it has been signed, Senate Bill 3527 will be effective immediately.

SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) announced today that the Comptroller’s office is releasing the $9.2 million reimbursement grant for the construction of Classroom Building 1 at Rock Valley College.

In 2015, rehabilitation work on the classrooms was halted due to the budget stalemate. In 2016, Rock Valley College opted to restart the construction and pay for it with their own finances. The grant reimburses Rock Valley College for the cost of the completed work.

“The two-year budget impasse negatively impacted every community in our state by delaying payments for vital services and halting money for important capital projects, like this one at Rock Valley College,” Stadelman said. “I’m pleased the state is finally keeping its commitment to Rock Valley College as it continues to improve the learning environment for students and staff in the Rockford community.”

The renovation work included renovating approximately 61,000 square feet in classroom building 1, including upgrading plumbing, lighting and electrical work. It also includes funding for an approximately two-story 21,000 square foot addition.

The Comptroller’s office is expected to release the funds later today.

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SPRINGFIELD – State Senator Steve Stadelman (D-Rockford) joined with both Republicans and Democrats to pass a fully balanced state budget.

“It’s great to see Republicans and Democrats working together to pass a bipartisan, balanced budget,” Stadelman said. “This is how state government should operate.”

Under the budget proposal, which passed the Illinois Senate today with a vote of 56-2, the state finally delivers on a grant promised to pay for the Rockford Airport a few years ago. While the airport is already built and paid for with private loans, the governor froze the grant from previous budgets.

School districts will also receive an additional $350 million. Due to last year’s historic school funding formula reforms needier school districts, including Rockford Public Schools and Harlem School District, will receive a significant increase. 

“This year’s budget furthers our commitment to fixing the broken school funding formula,” Stadelman said. “Rockford-area schools are a clear winner under this plan.”

This year’s budget also increases funding for local governments by $120 million.

“These additional dollars for local governments will prevent a property tax increase and layoffs of first responders,” Stadelman said.

The budget proposal will now head to the Illinois House of Representatives for further consideration.