Amends the Know Before You Owe Private Education Loan Act. Provides that the information regarding loans shall be provided to borrowers and cosigners (instead of just borrowers). Sets forth provisions for cosigner disclosure and notice, cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, and refinancing and modified or flexible repayment plans. Effective immediately. Senate Floor Amendment No. 1 Deletes reference to: 110 ILCS 983/ 35 new 110 ILCS 983/ 40 new 110 ILCS 983/ 45 new 110 ILCS 983/ 50 new Adds reference to: 110 ILCS 992/1-5 110 ILCS 992/5-30 110 ILCS 992/5-50 110 ILCS 992/5-70 new 110 ILCS 992/5-75 new 110 ILCS 992/5-80 new 110 ILCS 992/5-85 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Moves specified provisions regarding cosigner release, cosigner rights, what happens in the event of the bankruptcy or death of a cosigner, the total and permanent disability of a borrower or cosigner, and modified or flexible repayment plans from the Know Before You Owe Private Education Loan Act to the Student Loan Servicing Rights Act, and makes conforming changes. Further amends the Student Loan Servicing Rights Act to change the definition of "cosigner". Effective immediately.