[Congressional Record Volume 143, Number 148 (Wednesday, October 29, 1997)]
[Extensions of Remarks]
[Page E2114]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            EMERGENCY STUDENT LOAN CONSOLIDATION ACT OF 1997

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                               speech of

                            HON. BILL LUTHER

                              of minnesota

                    in the house of representatives

                       Tuesday, October 21, 1997

  Mr. LUTHER. Mr. Speaker, I support H.R. 2535 because I am very 
concerned that our higher education graduates are in need of greater 
assistance as they consolidate their student loan debts after 
graduation and begin the process of repayment.
  Currently there is a backlog of between 80,000 to 86,000 student loan 
consolidation applications at the U.S. Department of Education. 
Graduates need this tool to effectively manage school debt, while at 
the same time embarking on their careers and often starting families. 
The consolidation program was enacted originally in 1993 as an 
initiative of the Clinton administration. The concept was good then, 
and it's good now, and with H.R. 2535, borrowers will be able to 
consolidate their loans with guarantee agencies and private lenders.
  I want to thank subcommittee Chairman McKeon and ranking member 
Kildee for bringing this legislation to the floor in a timely fashion. 
I'm also pleased with the bipartisan approach to this issue. Helping 
people attain a higher education, and providing support for the 
repayment of the debt accumulated in the pursuit of that education, is 
a shared goal. Again, thanks to all involved in this effort, and I urge 
my colleagues to support this important legislation.

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