HR0306 98TH GENERAL ASSEMBLY

HR0306 LRB098 11795 MST 44891 r

HOUSE RESOLUTION

WHEREAS, Student loan debt in the United States now exceeds $1 trillion and the impact of carrying this debt has become crippling and debilitating to the ability of American's to contribute to the growth of the economy; and

WHEREAS, African American and Latino students are more likely to graduate with more debt than their white counterparts; 81% of African American students and 67% of Latino students leave college with student loan debt, whereas 64% of white graduates leave with debt; and

WHEREAS, U.S. Congresswoman Karen Bass (D-California) has introduced the Student Loan Fairness Act of 2013 to address the looming crisis; and

WHEREAS, The Student Loan Fairness Act of 2013 would create a 10-10 standard for loan repayment, where an individual would be required to make 10 years of payments of 10% of his or her discretionary income, after which the remaining debt would be forgiven; the act would permanently cap all federal student loan rates at 3.4%, allow those eligible to convert their private loan debt into federal direct loans, suspend interest rates while borrowers are unemployed, and reward graduates for entering into public service; and

WHEREAS, Fewer Americans believe that the cost of going to college is worth the burden of the debt they will incur; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United States Congress to pass the Student Loan Fairness Act of 2013 introduced by Congresswoman Karen Bass; and be it further

RESOLVED, That a suitable copy of this resolution be presented to the Illinois congressional delegation.