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.