HR0374 96TH GENERAL ASSEMBLY

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HOUSE RESOLUTION

WHEREAS, College affordability is one of this nation's most pressing problems; college costs have risen nearly 3 times the rate of the cost of living, and higher education borrowing has more than doubled over the last decade; and

WHEREAS, Under the federal bailout plan, this country's largest banks and financial institutions are borrowing money from the federal government at a rate of less than 1%; higher education students, however, are borrowing at a rate in the range of 4% to 8%; and

WHEREAS, Students should be offered interest rates on college loans that do not exceed 1%; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the Congress of the United States of America to consider requiring that students be offered interest rates on college loans that do not exceed 1%; and be it further

RESOLVED, That former students with college loans should be given the opportunity to renegotiate with their lending institution to decrease interest on these loans to 1% or less; and be it further

RESOLVED, That if a former student with college loans is unemployed, interest on the loans should be frozen until employment is secured; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the President pro tempore of the U.S. Senate, the Speaker of the U.S. House of Representatives, and each member of the Illinois congressional delegation.