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
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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.
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