HR0332LRB098 12037 MST 45650 r


  
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
  
 
 
 
HR0332- 2 -LRB098 12037 MST 45650 r

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.