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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 $29,547 for
9Iowa’s class of 2015, ranks the state as having the 8th
10highest level of graduate debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2015
12graduating with debt, 66 percent, is the 15th highest
13in the nation according to the institute;and
14WHEREAS, The Wall Street Journal, in an article
15published on April 7, 2016, reports that more than 40
16percent of Americans who borrow from the main federal
17student loan program are not paying or are delinquent
18in paying the more than $200 billion owed;and
19WHEREAS, by reducing interest rates and keeping loan
20payments manageable, college and career and technical
21education program graduates can better afford payments,
22pay off student debt sooner, and begin paying taxes
23and achieving the essential milestones of the American
24dream — including purchasing homes and vehicles,
25starting families, and investing for retirement;NOW
26THEREFORE,
27BE IT RESOLVED BY THE SENATE, THE HOUSE OF
28REPRESENTATIVES CONCURRING, That the Iowa General
-1-1Assembly urges Congress to enact legislation limiting
2the interest rates collected or imposed by the United
3States Department of Education for loans made, insured,
4or guaranteed under the William D. Ford Federal Direct
5Loan Program or the Federal Perkins Loan Program at
6not more than two percentage points over the federal
7prime rate for the life of the loans of students
8attending public and private accredited postsecondary
9institutions;and
10BE IT FURTHER RESOLVED, That a copy of this
11Concurrent Resolution be distributed to the President
12of the United States Senate, the Speaker of the United
13States House of Representatives, and each member of
14Iowa’s congressional delegation.
-2-kh/rj
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 $29,547 for
9Iowa’s class of 2015, ranks the state as having the 8th
10highest level of graduate debt in the nation;and
11WHEREAS, the proportion of Iowa’s class of 2015
12graduating with debt, 66 percent, is the 15th highest
13in the nation according to the institute;and
14WHEREAS, The Wall Street Journal, in an article
15published on April 7, 2016, reports that more than 40
16percent of Americans who borrow from the main federal
17student loan program are not paying or are delinquent
18in paying the more than $200 billion owed;and
19WHEREAS, by reducing interest rates and keeping loan
20payments manageable, college and career and technical
21education program graduates can better afford payments,
22pay off student debt sooner, and begin paying taxes
23and achieving the essential milestones of the American
24dream — including purchasing homes and vehicles,
25starting families, and investing for retirement;NOW
26THEREFORE,
27BE IT RESOLVED BY THE SENATE, THE HOUSE OF
28REPRESENTATIVES CONCURRING, That the Iowa General
-1-1Assembly urges Congress to enact legislation limiting
2the interest rates collected or imposed by the United
3States Department of Education for loans made, insured,
4or guaranteed under the William D. Ford Federal Direct
5Loan Program or the Federal Perkins Loan Program at
6not more than two percentage points over the federal
7prime rate for the life of the loans of students
8attending public and private accredited postsecondary
9institutions;and
10BE IT FURTHER RESOLVED, That a copy of this
11Concurrent Resolution be distributed to the President
12of the United States Senate, the Speaker of the United
13States House of Representatives, and each member of
14Iowa’s congressional delegation.
-2-kh/rj