HR0306LRB098 11795 MST 44891 r

1
HOUSE RESOLUTION

 
2    WHEREAS, Student loan debt in the United States now exceeds
3$1 trillion and the impact of carrying this debt has become
4crippling and debilitating to the ability of American's to
5contribute to the growth of the economy; and
 
6    WHEREAS, African American and Latino students are more
7likely to graduate with more debt than their white
8counterparts; 81% of African American students and 67% of
9Latino students leave college with student loan debt, whereas
1064% of white graduates leave with debt; and
 
11    WHEREAS, U.S. Congresswoman Karen Bass (D-California) has
12introduced the Student Loan Fairness Act of 2013 to address the
13looming crisis; and
 
14    WHEREAS, The Student Loan Fairness Act of 2013 would create
15a 10-10 standard for loan repayment, where an individual would
16be required to make 10 years of payments of 10% of his or her
17discretionary income, after which the remaining debt would be
18forgiven; the act would permanently cap all federal student
19loan rates at 3.4%, allow those eligible to convert their
20private loan debt into federal direct loans, suspend interest
21rates while borrowers are unemployed, and reward graduates for
22entering into public service; and
 

 

 

HR0306- 2 -LRB098 11795 MST 44891 r

1    WHEREAS, Fewer Americans believe that the cost of going to
2college is worth the burden of the debt they will incur;
3therefore, be it
 
4    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
5NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
6we urge the United States Congress to pass the Student Loan
7Fairness Act of 2013 introduced by Congresswoman Karen Bass;
8and be it further
 
9    RESOLVED, That a suitable copy of this resolution be
10presented to the Illinois congressional delegation.