Bill Text: IA SCR101 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Concurrent Resolution 101 (Prior Session Legislation)

Introduced

Bill Title: A concurrent resolution urging Congress to enact legislation to limit the interest rates collected or imposed by the United States Department of Education for certain federal student college loans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-04-03 - Resolution filed, referred to Rules and Administration. S.J. 859. [SCR101 Detail]

Download: Iowa-2017-SCR101-Introduced.html


Senate Concurrent Resolution 101 - Introduced

PAG LIN




              SENATE CONCURRENT RESOLUTION NO.    
                              BY  ZAUN
  1  1 A Concurrent Resolution urging Congress to enact
  1  2    legislation to limit the interest rates collected or
  1  3    imposed by the United States Department of Education
  1  4    for certain federal student college loans.
  1  5    WHEREAS, the Institute for College Access &
  1  6 Success' Project on Student Debt finds that the average
  1  7 statewide debt load for Iowa's public and private
  1  8 college and university graduates, at $29,801 for Iowa's
  1  9 class of 2016, ranks the state as having the 19th
  1 10 highest level of graduate debt in the nation; and
  1 11    WHEREAS, the proportion of Iowa's class of 2016
  1 12 graduating with debt, 65 percent, is the 8th highest in
  1 13 the nation according to the institute; and
  1 14    WHEREAS, The New York Times, in an editorial
  1 15 published on March 18, 2018, reports that student
  1 16 loan debt has soared to nearly $1.4 trillion, and a
  1 17 bipartisan group of 25 state attorneys general stated,
  1 18 in a letter sent to the U.S. Secretary of Education
  1 19 in 2017, that the 12 percent rate of delinquency and
  1 20 default for student loans exceeds that of any other
  1 21 loan category; and
  1 22    WHEREAS, by reducing interest rates and keeping loan
  1 23 payments manageable, college and career and technical
  1 24 education program graduates can better afford payments,
  1 25 pay off student debt sooner, and begin paying taxes
  1 26 and achieving the essential milestones of the American
  1 27 dream ==== including purchasing homes and vehicles,
  1 28 starting families, and investing for retirement; NOW
  2  1 THEREFORE,
  2  2    BE IT RESOLVED BY THE SENATE, THE HOUSE OF
  2  3 REPRESENTATIVES CONCURRING, That the Iowa General
  2  4 Assembly urges Congress to enact legislation limiting
  2  5 the interest rates collected or imposed by the United
  2  6 States Department of Education for loans made, insured,
  2  7 or guaranteed under the William D. Ford Federal Direct
  2  8 Loan Program or the Federal Perkins Loan Program at
  2  9 not more than two percentage points over the federal
  2 10 prime rate for the life of the loans of students
  2 11 attending public and private accredited postsecondary
  2 12 institutions; and
  2 13    BE IT FURTHER RESOLVED, That a copy of this
  2 14 Concurrent Resolution be distributed to the President
  2 15 of the United States Senate, the Speaker of the United
  2 16 States House of Representatives, and each member of
  2 17 Iowa's congressional delegation.
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