Full Text of HR0381 100th General Assembly
HR0381 100TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The Perkins Loan Program was first authorized in | 3 | | 1958 and is the oldest student loan
program in the nation; and
| 4 | | WHEREAS, Perkins Loans serve students with exceptional | 5 | | financial needs and provides unique
benefits to borrowers such | 6 | | as low fixed interest rates, longer grace periods, flexible | 7 | | repayment
terms, and generous forgiveness programs; and
| 8 | | WHEREAS, Perkins Loans are designed to help the most | 9 | | economically disadvantaged students
pay for school by removing | 10 | | the barriers that limit access to credit for these students | 11 | | such as
needing a cosigner to apply for loans, and requiring | 12 | | the students to have good credit; and | 13 | | WHEREAS, Throughout the 59-year history of the Perkins Loan | 14 | | Program, over $8 billion in
federal funding was awarded to more | 15 | | than 30 million undergraduate and graduate students
| 16 | | nationwide; and
| 17 | | WHEREAS, During the 2014-2015 academic year, over 39,000 | 18 | | low-income students in Illinois
relied on more than $66 million | 19 | | in Perkins Loans at 59 schools across the State; and
| 20 | | WHEREAS, The Perkins Loan Program is especially important |
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| 1 | | to Illinois residents given the
current budget impasse and the | 2 | | lack of funding for the State's Monetary Award
Program that | 3 | | provides financial assistance to low-income students; and
| 4 | | WHEREAS, There is no replacement for the Perkins Loan | 5 | | Program, and absent congressional
action, it could be | 6 | | discontinued and all the benefits of this important
program | 7 | | could be lost; therefore, be it
| 8 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 9 | | HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 10 | | urge President
Trump and the United States Congress to | 11 | | permanently reauthorize the Perkins Loan Program in
order to | 12 | | provide our students with the financial resources they need to | 13 | | attend college and
position themselves for upward | 14 | | socioeconomic mobility; and be it further
| 15 | | RESOLVED, That suitable copies of this resolution be | 16 | | delivered to President Donald Trump, U.S.
Senate Majority | 17 | | Leader Mitch McConnell, U.S. Senate Minority Leader Charles | 18 | | Schumer, U.S.
Speaker of the House of Representatives Paul | 19 | | Ryan, U.S. House of Representatives Minority
Leader Nancy | 20 | | Pelosi, and all members of the Illinois Congressional | 21 | | Delegation.
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