IL HR0688

Urges United States Congress to recognize student debt as a crisis, with over 45 million Americans owing more than $1.5 trillion collectively and a delinquency rate of 10.85%, higher than credit cards, auto loans, and mortgages.

Highlights disproportionate impact on African American and women borrowers, with African American graduates owing 114% of original borrowed amount 12 years after college entry compared to 47% for white graduates, and women holding nearly two-thirds of outstanding student debt.

Documents that student loan debt is responsible for over 20% of the decline in homeownership, with 61% of millennials delaying home purchases due to student loan obligations.

Calls on Congress to develop and enact legislation to forgive student loans for all current borrowers and prevent future students from accumulating insurmountable debt burdens.

Directs that copies of the resolution be delivered to the President, congressional leadership, and all members of the Illinois Congressional Delegation.