MI HR0269

Urges Congress to extend the 3.4 percent federal Stafford student loan interest rates and prevent them from doubling to 6.8 percent on July 1, 2012

Notes that 7.4 million college students (approximately one-third of all undergraduates) rely on subsidized Stafford loans targeted to low and moderate income students

States that the rate increase would cost the average student borrower an additional $1,000 per year of school, raising the effective cost of college by approximately 20 percent when combined with rising tuition

Highlights that U.S. student debt exceeds $1 trillion with the average student owing $25,000, and warns that inability to repay could trigger a financial crisis similar to the mortgage crisis

Directs transmission of the resolution to the President of the United States Senate, Speaker of the House, and members of the Michigan congressional delegation