Bill Text: IA SCR4 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Concurrent Resolution 4 (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) 2017-02-23 - Resolution filed, referred to Rules and Administration. S.J. 393. [SCR4 Detail]

Download: Iowa-2017-SCR4-Introduced.html


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