Senate Concurrent Resolution 4 - Introduced SENATE CONCURRENT RESOLUTION NO. 4 BY COMMITTEE ON EDUCATION (SUCCESSOR TO SCR 1) 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 $30,259 for Iowa’s 8 class of 2019, ranks the state as having the 21st 9 highest level of graduate debt in the nation; and 10 WHEREAS, the proportion of Iowa’s class of 2019 11 graduating with debt, 63 percent, is the 10th highest 12 in the nation according to the Institute; and 13 WHEREAS, according to the Center for Microeconomic 14 Data at the Federal Reserve Bank of New York, for the 15 fourth quarter of 2019 outstanding student loan debt 16 rose by $10 billion, to $1.51 trillion, and about 11 17 percent of aggregate student debt was in delinquency or 18 default at the end of the fourth quarter; and 19 WHEREAS, by reducing interest rates and keeping loan 20 payments manageable, college and career and technical 21 education program graduates can better afford payments, 22 pay off student debt sooner, and begin paying taxes 23 and achieving the essential milestones of the American 24 dream —— including purchasing homes and vehicles, 25 starting families, and investing for retirement; NOW 26 THEREFORE, 27 -1- LSB 1677SV (2) 89 kh/jh 1/ 2
S.C.R. 4 BE IT RESOLVED BY THE SENATE, THE HOUSE OF 1 REPRESENTATIVES CONCURRING, That the Iowa General 2 Assembly urges Congress to enact legislation limiting 3 the interest rates collected or imposed by the United 4 States Department of Education for loans made, insured, 5 or guaranteed under the William D. Ford Federal Direct 6 Loan Program or the Federal Perkins Loan Program at 7 not more than two percentage points over the federal 8 prime rate for the life of the loans of students 9 attending public and private accredited postsecondary 10 institutions; and 11 BE IT FURTHER RESOLVED, That a copy of this 12 Concurrent Resolution be distributed to the President 13 of the United States Senate, the Speaker of the United 14 States House of Representatives, and each member of 15 Iowa’s congressional delegation. 16 -2- LSB 1677SV (2) 89 kh/jh 2/ 2