IL HR0332

Nearly 20 million Americans attend college annually, with approximately 12 million students borrowing to cover costs.

Approximately 37 million student loan borrowers currently carry $1 trillion in outstanding student loan debt in the United States.

Federal student loan interest rates were set to double to 6.8 percent on July 1, 2013, as part of the House budget plan.

Student loan debt is reducing college graduates' ability to purchase homes and cars, negatively impacting economic growth.

Illinois House of Representatives urges the United States Congress to prevent student loan rates from doubling and directs presentation of this resolution to the Illinois congressional delegation.