WHEREAS, The Philadelphia region is home tomore than 92 colleges and universities and at least 360,000 students, many of whom are among the seven million students that currently rely on funding from the Pell Grant program to offset the rising college costs; and
WHEREAS, The average student debt is $22,700 in the United States and $25,219 for Pennsylvania students, and many students pass up jobs in areas of national need that interest them for fear that their debt payment will be too overwhelming; and
WHEREAS, The University of Pennsylvania and Drexel University, which contribute $6.5 billion and $1.6 billion to the Philadelphia economy annually, are just two of the Philadelphia area colleges contribute the regions economy through employment, spending by students, and economic transactions with local industry; and
WHEREAS, The Student Aid and Fiscal Responsibility Act (HR 3221), which was passed by the U.S. House of Representatives, will end costly federal subsidies to student loan companies under the unstable Federal Family Education Loan Program, and originate all new federal student loans under the more cost-efficient and student-friendly Direct Loan Program, saving taxpayers an estimated $87 billion in the process; and
WHEREAS, HR 3221 will invest $40 billion to increase the maximum annual Pell Grant award to $5,550 in 2010 and to $6,900 by 2019 to help even more low and middle income students cover the cost of attending institutions of higher educations; and
WHEREAS, HR 3221 will make major investments in community colleges, minority serving institutions, and modernization, repair, and renovation projects at elementary, secondary, and post-secondary schools; and
WHEREAS, HR 3221 would improve degree attainment and help build a highly-skilled and innovative 21st century workforce while paying down the deficit; and
WHEREAS, HR 3221 is supported by organizations representing students, labor unions, minority groups, education policy experts, college registrars, consumer advocates, college admissions counselors, social workers, advocates for women's rights, anti-poverty advocates, faculty, and people of faith; and
BE IT RESOLVED, The Philadelphia City Council calls for the immediate passage of the Student Aid and Fiscal Responsibility Act (HR 3221) or similar legislation in the Senate; and
BE IT FURTHER RESOLVED, The Philadelphia City Council urges all members of Congress representing the city of Philadelphia to take all possible action in support of HR 3221 or similar legislation in the Senate, included but not limited to endorsing, voting for the bill's passage, and voting to stop amendments that would weaken the HR 3221's reform of the student loan system and reduce the investment in education and deficit reduction.
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