Full Text of HR0721 93rd General Assembly
HR0721 93RD GENERAL ASSEMBLY
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LRB093 21409 LRD 48072 r |
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| HOUSE RESOLUTION
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| WHEREAS, The level of higher education debt being incurred | 3 |
| by
students is having a negative effect on their access to | 4 |
| postsecondary
education, their persistence in attaining that | 5 |
| education, their career
choices, and their ability to repay | 6 |
| their debt after leaving school; and
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| WHEREAS, In 2002, Illinois schools gave out approximately | 8 |
| 85,000
Federal Direct Student Loan Program (FDSLP) loans; and
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| WHEREAS, In fiscal year 2003, the Illinois Student | 10 |
| Assistance
Commission (ISAC) guaranteed federal student loans | 11 |
| for 89,746 Illinois Stafford
borrowers and 7,336 PLUS | 12 |
| borrowers; and
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| WHEREAS, As of August 31, 2003, there were 274,094 | 14 |
| borrowers
with a student loan guaranteed by ISAC who were in | 15 |
| repayment status and 3,696
ISAC borrowers
who defaulted and are | 16 |
| currently in bankruptcy status; and
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| WHEREAS, Current repayment options do not provide for
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| manageable monthly payments for some borrowers, which is | 19 |
| particularly
problematic when borrowers first enter the | 20 |
| workforce; and
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| WHEREAS, Loan consolidation was originally created by the | 22 |
| U.S.
Congress to simplify the process of loan repayment for | 23 |
| borrowers with
multiple servicers and to help lower monthly | 24 |
| payments for borrowers in
difficult financial circumstances; | 25 |
| therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 27 |
| NINETY-THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 28 |
| urge the U.S. Congress to require that the interest rate | 29 |
| calculated on a Federal Direct Loan may not increase more than |
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LRB093 21409 LRD 48072 r |
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| 2% above the original interest rate for unconsolidated loans; | 2 |
| and be it further | 3 |
| RESOLVED, That we urge the U.S. Congress to allow borrowers | 4 |
| to refinance their existing consolidated loans; and be it | 5 |
| further
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| RESOLVED, That we urge the U.S. Congress to require (i) | 7 |
| that all repayment
options for consolidated loans allow, but | 8 |
| not mandate, dual or singular
payment options in the course of | 9 |
| a payment cycle and (ii) that this option be
available for | 10 |
| electronic or manual payment delivery; and be it further | 11 |
| RESOLVED, That suitable copies of this resolution be | 12 |
| delivered to
the President pro tempore of the U.S. Senate, the | 13 |
| Speaker of the U.S.
House of Representatives, and each member | 14 |
| of the Illinois congressional
delegation.
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