(The Center Square) – A nonprofit policy organization is speaking out against legislation in Springfield that would make Illinois the first state to give the Income Share Agreement industry its own law.

ISAs are a type of private student loan where the loan is made in exchange for the student’s agreement to pay the lender a percentage of their future income for up to 20 years.

Horacio Mendez, president and CEO of Woodstock Institute, said the measure would codify the industry’s worst practices in dealing with student loans.

“The idea is a good one, but never underestimate our ability to turn a good idea into something predatory,” Mendez told The Center Square. “I think we can all agree that we are not in the habit of seeing student loans in the double digits.”