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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 $29,560 for Iowa’s
9class of 2020, ranks the state as having the 24th
10highest level of student loan debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2020
12graduating with debt, 60 percent, is the 12th 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
16third quarter of 2022, outstanding student loan debt
17totaled $1.57 trillion, and for the fourth quarter of
182021, roughly 7 percent of aggregate student debt was
19in delinquency or default;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,
28BE IT RESOLVED BY THE SENATE, THE HOUSE OF
-1-1REPRESENTATIVES CONCURRING, That the Iowa General
2Assembly urges Congress to enact legislation limiting
3the interest rates collected or imposed by the United
4States Department of Education for loans made, insured,
5or guaranteed under the William D. Ford Federal Direct
6Loan Program or the Federal Perkins Loan Program at
7not more than two percentage points over the federal
8prime rate for the life of the loans of students
9attending public and private accredited postsecondary
10institutions;and
11BE IT FURTHER RESOLVED, That a copy of this
12Concurrent Resolution be distributed to the President
13of the United States Senate, the Speaker of the United
14States House of Representatives, and each member of
15Iowa’s congressional delegation.
-2-jda/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 $29,560 for Iowa’s
9class of 2020, ranks the state as having the 24th
10highest level of student loan debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2020
12graduating with debt, 60 percent, is the 12th 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
16third quarter of 2022, outstanding student loan debt
17totaled $1.57 trillion, and for the fourth quarter of
182021, roughly 7 percent of aggregate student debt was
19in delinquency or default;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,
28BE IT RESOLVED BY THE SENATE, THE HOUSE OF
-1-1REPRESENTATIVES CONCURRING, That the Iowa General
2Assembly urges Congress to enact legislation limiting
3the interest rates collected or imposed by the United
4States Department of Education for loans made, insured,
5or guaranteed under the William D. Ford Federal Direct
6Loan Program or the Federal Perkins Loan Program at
7not more than two percentage points over the federal
8prime rate for the life of the loans of students
9attending public and private accredited postsecondary
10institutions;and
11BE IT FURTHER RESOLVED, That a copy of this
12Concurrent Resolution be distributed to the President
13of the United States Senate, the Speaker of the United
14States House of Representatives, and each member of
15Iowa’s congressional delegation.
-2-jda/jh