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File #: 160048    Version: 0 Name:
Type: Resolution Status: ADOPTED
File created: 1/21/2016 In control: CITY COUNCIL
On agenda: Final action: 1/28/2016
Title: Authorizing the creation of a "Special Committee on Student Loan Debt" to evaluate the impacts of student loan debt upon individual borrowers and the subsequent effect on the City of Philadelphia.
Sponsors: Councilmember Parker, Councilmember Green, Councilmember Gym, Councilmember Reynolds Brown, Councilmember Bass, Councilmember Jones, Councilmember Quiñones Sánchez, Councilmember Greenlee, Councilmember Domb, Councilmember Blackwell, Councilmember Taubenberger, Councilmember Johnson, Councilmember Oh
Indexes: STUDENT LOAN DEBT
Attachments: 1. Resolution No. 16004800.pdf, 2. Signature16004800.pdf
Title
Authorizing the creation of a "Special Committee on Student Loan Debt" to evaluate the impacts of student loan debt upon individual borrowers and the subsequent effect on the City of Philadelphia.

Body
WHEREAS, Americans place a high value on post secondary education, not only because of the valuable knowledge and skills that are imparted, but also because those possessing a bachelor's degree earn an average of 60% more than workers who possess a high school diploma; and

WHEREAS, President Barack Obama has stated that the pursuit of higher education is "the single most important way to get ahead"; and

WHEREAS, "The cost of college is growing, but the benefits of college - and, by extension, the cost of not going to college - are growing even faster," according to The Hamilton Project, an economic policy initiative at the Brookings Institution; and

WHEREAS, On average, college tuition increases 8% annually and, at that rate, tuition doubles every nine years; and

WHEREAS, Since 1985, the overall consumer price index has risen 115% while the college education inflation rate has risen nearly 500%; and

WHEREAS, From 2005 to 2015, outstanding student loan debt rose from $364 billion to $1.2 trillion, with 40 million borrowers carrying an average balance of $29,000, and the percentage of people aged 18-30 with a student loan increasing from 27% to 40%; and

WHEREAS, Some college graduates, particularly those receiving a liberal arts degree, enter the workforce earning lower starting salaries compared to similar positions in prior years, and such salaries often remain stagnant; and

WHEREAS, According to Pew Research, student loan debt was the only type of household debt that continued to rise during the Great Recession, eclipsing credit card debt and mortgage debt, both of which actually fell during the same time period; and

WHEREAS, The weight of student loan debt is forcing individuals to postpone starting a family, purchasing a veh...

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