Senate Concurrent Resolution 4 - Introduced SENATE CONCURRENT RESOLUTION NO. 4 BY ZAUN A Concurrent Resolution urging Congress to enact 1 legislation to limit the interest rates collected or 2 imposed by the United States Department of Education 3 for certain federal student college loans. 4 WHEREAS, the Institute for College Access & 5 Success’ Project on Student Debt finds that the average 6 statewide debt load for Iowa’s public and private 7 college and university graduates, at $29,547 for 8 Iowa’s class of 2015, ranks the state as having the 8th 9 highest level of graduate debt in the nation; and 10 WHEREAS, the proportion of Iowa’s class of 2015 11 graduating with debt, 66 percent, is the 15th highest 12 in the nation according to the institute; and 13 WHEREAS, The Wall Street Journal, in an article 14 published on April 7, 2016, reports that more than 40 15 percent of Americans who borrow from the main federal 16 student loan program are not paying or are delinquent 17 in paying the more than $200 billion owed; and 18 WHEREAS, by reducing interest rates and keeping loan 19 payments manageable, college and career and technical 20 education program graduates can better afford payments, 21 pay off student debt sooner, and begin paying taxes 22 and achieving the essential milestones of the American 23 dream —— including purchasing homes and vehicles, 24 starting families, and investing for retirement; NOW 25 THEREFORE, 26 BE IT RESOLVED BY THE SENATE, THE HOUSE OF 27 REPRESENTATIVES CONCURRING, That the Iowa General 28 -1- LSB 1298XS (2) 87 kh/rj 1/ 2
S.C.R. 4 Assembly urges Congress to enact legislation limiting 1 the interest rates collected or imposed by the United 2 States Department of Education for loans made, insured, 3 or guaranteed under the William D. Ford Federal Direct 4 Loan Program or the Federal Perkins Loan Program at 5 not more than two percentage points over the federal 6 prime rate for the life of the loans of students 7 attending public and private accredited postsecondary 8 institutions; and 9 BE IT FURTHER RESOLVED, That a copy of this 10 Concurrent Resolution be distributed to the President 11 of the United States Senate, the Speaker of the United 12 States House of Representatives, and each member of 13 Iowa’s congressional delegation. 14 -2- LSB 1298XS (2) 87 kh/rj 2/ 2