Dupage Policy Journal

Sen. Chris Nybo (R-Lombard) likened Sen. Daniel Biss' (D-Skokie) Student Loan Servicing Rights bill to a gas station during the recent debate on an override of Gov. Bruce Rauner's veto of the measure.

“I will get right to the heart of this one,” Nybo said. “This is a complicated issue, no doubt, senator, and I appreciate what you are trying to do, but the problem I see is excessive and sometimes unreasonable levels of student debt."

Nybo then laid out his analogy.

“You have a bad car or broken car, and instead of going to the dealership, manufacturer or who sold you the car, you are going to the gas station that has nothing to do with the underlying problem of the vehicle,” Nybo said.

Nybo said he and Biss had a “long back-and-forth" over SB1351, which addresses student loan services and private collection tactics,  several months ago.

According to Biss, the bill would mandate that service providers lay out all options to borrowers rather than focus on the monetary incentives they are given to process loans quickly.

Nybo did not see it that way.

“What I would say to your bill is that there is no doubt there really is a student loan problem, but let’s really deal with it,” Nybo said. “Servicers are just servicing the loan. They are not setting the terms, they are not setting the rates, they are not making the loans or financing the loans. If there is a problem you are really trying to address here with student loans, let's address it. But going after the servicers, the gas stations, that’s not going to fix the problem.”

Nybo urged the floor to vote against the override.

“We are really not focusing in on the problem with student loans," he said. "All we are touching upon is an ancillary service that is provided in connection with student bills."

The Senate voted 37-19 on Oct. 25 to override, and the measure was moved to the House.