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Record #: R2016-181   
Type: Resolution Status: Failed to Pass
Intro date: 3/16/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Call representatives of Chicago Public Schools representatives to testify on current issues surrounding student loan debt crisis
Sponsors: Burke, Edward M., Laurino, Margaret
Topic: COMMITTEE/PUBLIC HEARINGS - Committee on Finance
Attachments: 1. R2016-181.pdf
Related files: R2019-362
Cor

Resolution

WHEREAS, National student loan debt has tripled since 2005 and is now at $1.2 trillion according to the Federal Reserve Bank of New York; and

WHEREAS, Student loan debt is quickly becoming a crushing burden for many Americans; and

WHEREAS, According to the "Chicago Tribune" 69 percent of recent college graduates nationwide have student loan debt and left school with an average of $28,950 in loans; and

WHEREAS, Illinois ranks 16th among states in terms of highest debt burden with an average debt of $28,984; and

WHEREAS, Illinois ranks 11th of all states with the highest number of students who must borrow to attend Illinois colleges; and

WHEREAS, Student debt more than doubled during the last 10 years at the largest Illinois public institutions, including Eastern Illinois University, Illinois State "University, Northern Illinois University, Southern Illinois University at Carbondale and Western Illinois University; and

WHEREAS, According to the Office of the Illinois Attorney General, complaints about phony debt-relief companies shopping too-good-to-be-true offers to Illinoisans topped the list of scams reported to its office in 2015; and

WHEREAS, Over the last decade, federal and state governments have increased grant aid for students at a rate that fails to match rising college costs; and

WHEREAS, Many state institutions including Illinois have faced cutbacks in government budgets which consequently have left students carrying a larger burden; and

WHEREAS, Since the State of Illinois has stopped funding the Monetary Award Program (MAP), DePaul University has announced it will honor every MAP award the state offered to more than 4,500 of its students this year and will also honor the MAP grant next year for all new entering students; and

WHEREAS, Northwestern University recently announced that starting next fall students who qualify for financial aid will receive a combination of grants and scholarships, along with earnings from work-study ...

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