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
$29,859
for
Iowa’s
8
class
of
2017,
ranks
the
state
as
having
the
20th
9
highest
level
of
graduate
debt
in
the
nation;
and
10
WHEREAS,
the
proportion
of
Iowa’s
class
of
2017
11
graduating
with
debt,
63
percent,
is
the
9th
highest
in
12
the
nation
according
to
the
institute;
and
13
WHEREAS,
The
New
York
Times,
in
an
editorial
14
published
on
March
18,
2018,
reports
that
student
15
loan
debt
has
soared
to
nearly
$1.4
trillion,
and
a
16
bipartisan
group
of
25
state
attorneys
general
stated,
17
in
a
letter
sent
to
the
U.S.
Secretary
of
Education
18
in
2017,
that
the
12
percent
rate
of
delinquency
and
19
default
for
student
loans
exceeds
that
of
any
other
20
loan
category;
and
21
WHEREAS,
by
reducing
interest
rates
and
keeping
loan
22
payments
manageable,
college
and
career
and
technical
23
education
program
graduates
can
better
afford
payments,
24
pay
off
student
debt
sooner,
and
begin
paying
taxes
25
and
achieving
the
essential
milestones
of
the
American
26
dream
——
including
purchasing
homes
and
vehicles,
27
starting
families,
and
investing
for
retirement;
NOW
28
-1-
LSB
1646XS
(1)
88
kh/jh
1/
2
S.C.R.
1
THEREFORE,
1
BE
IT
RESOLVED
BY
THE
SENATE,
THE
HOUSE
OF
2
REPRESENTATIVES
CONCURRING,
That
the
Iowa
General
3
Assembly
urges
Congress
to
enact
legislation
limiting
4
the
interest
rates
collected
or
imposed
by
the
United
5
States
Department
of
Education
for
loans
made,
insured,
6
or
guaranteed
under
the
William
D.
Ford
Federal
Direct
7
Loan
Program
or
the
Federal
Perkins
Loan
Program
at
8
not
more
than
two
percentage
points
over
the
federal
9
prime
rate
for
the
life
of
the
loans
of
students
10
attending
public
and
private
accredited
postsecondary
11
institutions;
and
12
BE
IT
FURTHER
RESOLVED,
That
a
copy
of
this
13
Concurrent
Resolution
be
distributed
to
the
President
14
of
the
United
States
Senate,
the
Speaker
of
the
United
15
States
House
of
Representatives,
and
each
member
of
16
Iowa’s
congressional
delegation.
17
-2-
LSB
1646XS
(1)
88
kh/jh
2/
2