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
$29,560
for
Iowa’s
8
class
of
2020,
ranks
the
state
as
having
the
24th
9
highest
level
of
student
loan
debt
in
the
nation;
and
10
WHEREAS,
the
proportion
of
Iowa’s
class
of
2020
11
graduating
with
debt,
60
percent,
is
the
12th
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
third
quarter
of
2022,
outstanding
student
loan
debt
16
totaled
$1.57
trillion,
and
for
the
fourth
quarter
of
17
2021,
roughly
7
percent
of
aggregate
student
debt
was
18
in
delinquency
or
default;
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
BE
IT
RESOLVED
BY
THE
SENATE,
THE
HOUSE
OF
28
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S.C.R.
1
REPRESENTATIVES
CONCURRING,
That
the
Iowa
General
1
Assembly
urges
Congress
to
enact
legislation
limiting
2
the
interest
rates
collected
or
imposed
by
the
United
3
States
Department
of
Education
for
loans
made,
insured,
4
or
guaranteed
under
the
William
D.
Ford
Federal
Direct
5
Loan
Program
or
the
Federal
Perkins
Loan
Program
at
6
not
more
than
two
percentage
points
over
the
federal
7
prime
rate
for
the
life
of
the
loans
of
students
8
attending
public
and
private
accredited
postsecondary
9
institutions;
and
10
BE
IT
FURTHER
RESOLVED,
That
a
copy
of
this
11
Concurrent
Resolution
be
distributed
to
the
President
12
of
the
United
States
Senate,
the
Speaker
of
the
United
13
States
House
of
Representatives,
and
each
member
of
14
Iowa’s
congressional
delegation.
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