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Senate Concurrent Resolution 4 - 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 $30,259 for Iowa’s
9class of 2019, ranks the state as having the 21st
10highest level of graduate debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2019
12graduating with debt, 63 percent, is the 10th highest
13in the nation according to the Institute;and
14WHEREAS, according to the Center for Microeconomic
15Data at the Federal Reserve Bank of New York, for the
16fourth quarter of 2019 outstanding student loan debt
17rose by $10 billion, to $1.51 trillion, and about 11
18percent of aggregate student debt was in delinquency or
19default at the end of the fourth quarter;and
20WHEREAS, by reducing interest rates and keeping loan
21payments manageable, college and career and technical
22education program graduates can better afford payments,
23pay off student debt sooner, and begin paying taxes
24and achieving the essential milestones of the American
25dream — including purchasing homes and vehicles,
26starting families, and investing for retirement;NOW
27THEREFORE,
-1- 1BE IT RESOLVED BY THE SENATE, THE HOUSE OF
2REPRESENTATIVES CONCURRING, That the Iowa General
3Assembly urges Congress to enact legislation limiting
4the interest rates collected or imposed by the United
5States Department of Education for loans made, insured,
6or guaranteed under the William D. Ford Federal Direct
7Loan Program or the Federal Perkins Loan Program at
8not more than two percentage points over the federal
9prime rate for the life of the loans of students
10attending public and private accredited postsecondary
11institutions;and
12BE IT FURTHER RESOLVED, That a copy of this
13Concurrent Resolution be distributed to the President
14of the United States Senate, the Speaker of the United
15States House of Representatives, and each member of
16Iowa’s congressional delegation.
-2-kh/jh
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 $30,259 for Iowa’s
9class of 2019, ranks the state as having the 21st
10highest level of graduate debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2019
12graduating with debt, 63 percent, is the 10th highest
13in the nation according to the Institute;and
14WHEREAS, according to the Center for Microeconomic
15Data at the Federal Reserve Bank of New York, for the
16fourth quarter of 2019 outstanding student loan debt
17rose by $10 billion, to $1.51 trillion, and about 11
18percent of aggregate student debt was in delinquency or
19default at the end of the fourth quarter;and
20WHEREAS, by reducing interest rates and keeping loan
21payments manageable, college and career and technical
22education program graduates can better afford payments,
23pay off student debt sooner, and begin paying taxes
24and achieving the essential milestones of the American
25dream — including purchasing homes and vehicles,
26starting families, and investing for retirement;NOW
27THEREFORE,
-1- 1BE IT RESOLVED BY THE SENATE, THE HOUSE OF
2REPRESENTATIVES CONCURRING, That the Iowa General
3Assembly urges Congress to enact legislation limiting
4the interest rates collected or imposed by the United
5States Department of Education for loans made, insured,
6or guaranteed under the William D. Ford Federal Direct
7Loan Program or the Federal Perkins Loan Program at
8not more than two percentage points over the federal
9prime rate for the life of the loans of students
10attending public and private accredited postsecondary
11institutions;and
12BE IT FURTHER RESOLVED, That a copy of this
13Concurrent Resolution be distributed to the President
14of the United States Senate, the Speaker of the United
15States House of Representatives, and each member of
16Iowa’s congressional delegation.
-2-kh/jh