Senate Concurrent Resolution 1 - Introduced SENATE CONCURRENT RESOLUTION NO. 1 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 $29,859 for Iowa’s 8 class of 2017, ranks the state as having the 20th 9 highest level of graduate debt in the nation; and 10 WHEREAS, the proportion of Iowa’s class of 2017 11 graduating with debt, 63 percent, is the 9th highest in 12 the nation according to the institute; and 13 WHEREAS, The New York Times, in an editorial 14 published on March 18, 2018, reports that student 15 loan debt has soared to nearly $1.4 trillion, and a 16 bipartisan group of 25 state attorneys general stated, 17 in a letter sent to the U.S. Secretary of Education 18 in 2017, that the 12 percent rate of delinquency and 19 default for student loans exceeds that of any other 20 loan category; and 21 WHEREAS, by reducing interest rates and keeping loan 22 payments manageable, college and career and technical 23 education program graduates can better afford payments, 24 pay off student debt sooner, and begin paying taxes 25 and achieving the essential milestones of the American 26 dream —— including purchasing homes and vehicles, 27 starting families, and investing for retirement; NOW 28 -1- LSB 1646XS (1) 88 kh/jh 1/ 2
S.C.R. 1 THEREFORE, 1 BE IT RESOLVED BY THE SENATE, THE HOUSE OF 2 REPRESENTATIVES CONCURRING, That the Iowa General 3 Assembly urges Congress to enact legislation limiting 4 the interest rates collected or imposed by the United 5 States Department of Education for loans made, insured, 6 or guaranteed under the William D. Ford Federal Direct 7 Loan Program or the Federal Perkins Loan Program at 8 not more than two percentage points over the federal 9 prime rate for the life of the loans of students 10 attending public and private accredited postsecondary 11 institutions; and 12 BE IT FURTHER RESOLVED, That a copy of this 13 Concurrent Resolution be distributed to the President 14 of the United States Senate, the Speaker of the United 15 States House of Representatives, and each member of 16 Iowa’s congressional delegation. 17 -2- LSB 1646XS (1) 88 kh/jh 2/ 2