Franks Crusades Against Private Universities Giving Loans to Profs for Summer Homes

This summer it was revealed that an interest-free loans had been given to professors by New York University.

Part of the loan was to be forgiven and considered as compensation.

State Rep. Jack Franks (D-Marengo) didn’t like what he read and wonder if Illinois universities were doing the same thing.

He serves as Chairman (or as he puts it on his government website “Chairperson”) of the State Government Administration Committee.

So he sent letters of inquiry to all the state universities.

Sounds reasonable.

He also sent letters to all the private universities in Illinois.

The state universities replied, of course.

They are funded by the Illinois General Assembly.

Michael Sneed's Sun-Times column about Jack Franks' latest legislative idea.

Michael Sneed’s Sun-Times column about Jack Franks’ latest legislative idea.

None said they were giving such loans to professors.

Five private universities–the University of Chicago, Loyola, North Park, Northwestern, and Lake Forest College–replied they had made such loans.

So, Sun-Times columnist Michael Sneed featured Frank’s crusade in Friday’s paper:


Although he reports no public universities were doing what he doesn’t think is a good idea, Franks has introduced House Bill 3749 to ban the practice.

“Using a public university’s financial resources to provide lavish fringe benefits is unfair to taxpayers and students,” he told Sneed.

A synopsis of the bill follows:

Creates the Higher Education Employee Loan Act. Provides that if a not-for-profit higher education institution located in this State or its foundation makes a loan to an employee or contractor of either the institution or the foundation, then the annual rate of interest must be equal to the prevailing loan interest rate in effect at the time the institution or foundation approves the loan, except that the institution or its foundation may not make a loan to an employee or contractor of either the institution or the foundation for the purpose of purchasing a non-primary residence.

Prohibits such an institution or foundation from forgiving a loan made to an employee or contractor of either the institution or the foundation.

Requires the Board of Higher Education to adopt enforcement rules, which may include the imposition of a civil penalty.

Effective immediately.


Franks Crusades Against Private Universities Giving Loans to Profs for Summer Homes — 11 Comments

  1. How about all the free or discounted tuition given to public two and four year college and university employees and their families.

    That is probably a bigger taxpayer cost.

  2. More of the “what time does the movie start?” legislation.

  3. Boy how opinions are slanted. If it was a GOP representative it would be praise for stopping waste.

    But no….. Because some people are so partisan here they make it negative.

  4. Franks has just moved up my list of Earths oldest and most resilient creatures.

    Passing the cockroach and landing between the sponge and the jellyfish.

  5. So fighting these colleges from handing out freebie perks to professors with tax money is ok?

    Trying to stop it puts you in the league of the cockroach?

    I wonder what the comments would be if it was Tryon , Althoff or Hultgren??


    The synopsis makes no mention of PUBLIC universities. I think that’s why you’re seeing a backlash. Once again Freaks has proposed a solution for a problem that either doesn’t exist (public universities) or is none of the State’s business.

    That this state cannot properly manage its own financial affairs is painfully obvious and now the Jackass wants to dictate to the private sector.

    Hey, Jack… Tell us again how much prose you’ve made on the pension issue in your EIGHT terms!

  7. PROGRESS, not prose.

    Prose is the self-serving BS pumped out on a regular basis by Jack and his understudy in self-promotion Pam, the other oxygen thief in the mix.

  8. One word, just key one word: PRIVATE. Nothing but crickets for Franks’ crusade against PUBLIC universities that receive PUBLIC dollars.

    Instead, the new windmill for Jack Quixote is PRIVATE universities. Ummm…

    Senor Jack: what does PRIVATE mean??

    Perhaps one of these PRIVATE schools denied admission to a family member or something?

    Aren’t there bigger and more serious windmills to be charging, Senor Jack Quixote?

  9. We spend more on retired university professors than we do on universities in this state. One less pet program for the retirees is a great idea by Jack Franks.

    How about forgiving some student loans with the money saved from second homes for professors?

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