On June 26, Illinois enacted amendments to the Know Before You Owe Private Education Loan Act to expand the annual reporting requirements imposed on private educational lenders, effective immediately. Under the amended law, a private educational lender’s annual report to the designated state regulators must include, in addition to existing requirements, the total number and dollar amount of private education loans made annually by the lender, as well as the total number and dollar amount of loans made annually at each institution of higher education where the lender disburses funds. The amendment also requires lenders to report the total number and dollar amount of private education loans made annually with a cosigner, along with the default rate for the loans reported by school and by cosigner status for the previous reporting period. The amended law defines “default amount” as the loan amount of an outstanding loan at the time it is declared in default, and defines “default rate” as the default amount required to be reported during a reporting period divided by the loan amount of all outstanding loans required to be reported at the beginning of that period. A private educational lender that funds 10 or fewer new private education loans in a calendar year remains exempt from submitting the annual report.