(Miami-Dade County, FL) -- Concerned over the rising cost of a college education and its effect on students, Commissioner Rebeca Sosa presented a resolution urging Congress and the U.S. Department of Education to directly support the economic recovery by reducing outstanding student loan debt by a minimum of 50 percent or by significantly lowering current student loan interest amounts enough to make a meaningful reduction in monthly individual student loan payments, or both. The resolution passed during the Tuesday, December 6 Board of County Commissioners meeting.
"In a global economy, putting a college education within reach for every American is of the upmost importance," stated Commissioner Sosa. "As an educator, parent and elected official, I am well aware of the current burden experienced by students in paying their college loans often entering an economy with reduced job opportunities and lower starting pay. Forgiving student loan debt and reducing interest rates could have a stimulating effect on the economy, providing borrowers additional dollars per month to spend, thus fueling the economy."
According to a study released in May 2011 by the John J. Heldrich Center for Workforce Development at Rutgers University, recent college graduates entered the working world with a median student debt of $20,000, but only 56 percent of 2010 graduates were able to find work following completion of their studies. The study also revealed that the median starting salary of students graduating in 2009 and 2010 was 10 percent lower than the salary received by those who entered the workforce in 2006 and 2007.
The Clerk of the Board will transmit a certified copy of Commissioner Sosa's resolution to the members of the Florida Congressional Delegation and the U.S. Secretary of Education. The resolution also directs the County's federal lobbyists to advocate for the passage of the legislation, and authorizes and directs the Office of Intergovernmental Affairs to include the item in the 2012 Federal Legislative Package.
For more information or to obtain a copy of this resolution, please contact the office of Commissioner Sosa at, 305-267-6377.