Bill Text: NJ AR87 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges Congress to pass legislation to prevent doubling of subsidized Stafford student loan interest rate on July 1, 2012.
Spectrum: Strong Partisan Bill (Democrat 12-1)
Status: (Passed) 2012-06-22 - Filed with Secretary of State [AR87 Detail]
Download: New_Jersey-2012-AR87-Introduced.html
Sponsored by:
Assemblywoman CELESTE M. RILEY
District 3 (Cumberland, Gloucester and Salem)
Assemblyman THOMAS P. GIBLIN
District 34 (Essex and Passaic)
Co-Sponsored by:
Assemblymen Coughlin, Mainor and Assemblywoman Wagner
SYNOPSIS
Urges Congress to pass legislation to prevent doubling of subsidized Stafford student loan interest rate on July 1, 2012.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging Congress to pass legislation to prevent the interest rate on federal subsidized Stafford student loans from increasing on July 1, 2012.
Whereas, Without timely action from Congress, interest rates on federal subsidized Stafford student loans are scheduled to double on July 1, 2012, from the current 3.4% to 6.8%; and
Whereas, The average national student loan debt is approximately $25,000 per student and the overall national student loan debt is more than $1 trillion, which is the highest level of student loan debt in American history and exceeds outstanding credit card debt in the United States; and
Whereas, A July 1st increase in interest rates on subsidized Stafford loans would have a nationwide impact on 7.4 million students who rely on the loans for the opportunity to further their education and earn a college degree; and
Whereas, Subsidized Stafford loans are available to students based on financial need and help provide lower- and middle-income students with access to a college education; and
Whereas, The growing importance of higher education in today's society and global economy cannot be overestimated; and
Whereas, Rising tuition costs and oppressive student loan debt make it increasingly difficult for young people to attend institutions of higher education and may discourage promising students from furthering their education; and
Whereas, Today's soaring and unprecedented levels of student loan debt will have a crippling effect on college graduates, hampering their ability to pursue the American dream, achieve financial security, purchase a home, and save for retirement; and
Whereas, Action by Congress is necessary to extend the current 3.4% interest rate on subsidized Stafford loans and prevent a rate increase that would further burden hardworking students in their pursuit of higher education; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. The United States Congress is respectfully urged to pass legislation to extend the 3.4% interest rate on federal subsidized Stafford student loans and prevent a doubling of that rate to 6.8% on July 1, 2012.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and every member of Congress elected from this State.
STATEMENT
This Assembly Resolution urges the United States Congress to pass legislation to extend the current 3.4 percent interest rate on federal subsidized Stafford student loans and prevent a doubling of that rate to 6.8 percent on July 1, 2012.
National student loan debt has soared to unprecedented levels and exceeds outstanding credit card debt in this country. On average, students now graduate college with approximately $25,000 in student loan debt. Obtaining a college education is increasingly important in today's society, and more than 7 million students rely on need-based federal subsidized Stafford loans for the opportunity to earn an undergraduate degree. Action by Congress is necessary to extend the low interest rates on subsidized Stafford loans and prevent a rate increase that would further burden hardworking students in their pursuit of higher education, financial security, and the American dream.
