Illinois General Assembly - Full Text of HR0332
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Full Text of HR0332  98th General Assembly

HR0332 98TH GENERAL ASSEMBLY


  

 


 
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1
HOUSE RESOLUTION

 
2    WHEREAS, Nearly 20 million Americans attend college each
3year and of that 20 million close to 60% or 12 million students
4borrow annually to help cover costs; and
 
5    WHEREAS, There are approximately 37 million student loan
6borrowers with outstanding student loans today; and
 
7    WHEREAS, The Consumer Finance Protection Bureau reports
8that there is $1 trillion in total outstanding student loan
9debt in the United States today; and
 
10    WHEREAS, As of the first quarter of 2012, the under 30 age
11group has the most borrowers at 14 million, followed by 10.6
12million for the 30-39 group, 5.7 million in the 40-49 category,
134.6 million in the 50-59 age group, and the over 60 category
14with the least number of borrowers at 2.2 million for an
15overall total of 37.1 million; and
 
16    WHEREAS, The interest rates on some popular federal student
17loans are set to double in 2 months as part of the United
18States House of Representatives budget plan that would allow
19the rates on those loans to climb to 6.8 percent on July 1,
202013; and
 

 

 

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1    WHEREAS, Today, college graduates are less likely to own a
2home or buy a new car because of their debt, and the impact of
3carrying this debt has become debilitating to the ability of
4American's to contribute to the growth of the economy;
5therefore, be it
 
6    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
7NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
8we urge the United States Congress to prevent student loan
9rates from doubling; and be it further
 
10    RESOLVED, That a suitable copy of this resolution be
11presented to the Illinois congressional delegation.