Senate Concurrent Resolution 1 - Introduced

A Concurrent Resolution 1urging Congress to enact
2legislation to limit the interest rates collected or
3imposed by the United States Department of Education
4for certain federal student college loans.
5WHEREAS, the Institute for College Access &
6Success’ Project on Student Debt finds that the average
7statewide debt load for Iowa’s public and private
8college and university graduates, at $29,859 for Iowa’s
9class of 2017, ranks the state as having the 20th
10highest level of graduate debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2017
12graduating with debt, 63 percent, is the 9th highest in
13the nation according to the institute;and
14WHEREAS, The New York Times, in an editorial
15published on March 18, 2018, reports that student
16loan debt has soared to nearly $1.4 trillion, and a
17bipartisan group of 25 state attorneys general stated,
18in a letter sent to the U.S. Secretary of Education
19in 2017, that the 12 percent rate of delinquency and
20default for student loans exceeds that of any other
21loan category;and
22WHEREAS, by reducing interest rates and keeping loan
23payments manageable, college and career and technical
24education program graduates can better afford payments,
25pay off student debt sooner, and begin paying taxes
26and achieving the essential milestones of the American
27dream — including purchasing homes and vehicles,
28starting families, and investing for retirement;NOW
4Assembly urges Congress to enact legislation limiting
5the interest rates collected or imposed by the United
6States Department of Education for loans made, insured,
7or guaranteed under the William D. Ford Federal Direct
8Loan Program or the Federal Perkins Loan Program at
9not more than two percentage points over the federal
10prime rate for the life of the loans of students
11attending public and private accredited postsecondary

   13BE IT FURTHER RESOLVED, That a copy of this
14Concurrent Resolution be distributed to the President
15of the United States Senate, the Speaker of the United
16States House of Representatives, and each member of
17Iowa’s congressional delegation.