IL HR0306

Urges U.S. Congress to pass the Student Loan Fairness Act of 2013 introduced by Congresswoman Karen Bass to address the $1 trillion student loan debt crisis in the United States.

Establishes a 10-10 standard for loan repayment requiring borrowers to pay 10% of discretionary income for 10 years, after which remaining debt is forgiven.

Permanently caps all federal student loan rates at 3.4%, allows conversion of eligible private loans to federal direct loans, and suspends interest rates during borrower unemployment.

Provides loan forgiveness rewards for graduates who enter public service careers.

Directs that copies of the resolution be presented to the Illinois congressional delegation.