[Congressional Record Volume 144, Number 138 (Tuesday, October 6, 1998)]
[Senate]
[Page S11631]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  HIGHER EDUCATION REAUTHORIZATION ACT

 Mr. ABRAHAM. Mr. President, I rise today to express my strong 
support for the Higher Education Reauthorization Act that passed the 
Senate by a 96-0 vote last week.
  Mr. President, this legislation illustrates this Congress' strong 
support for education, particularly higher education. This bill will 
make strong investments in our future by increasing the availability of 
financial aid to students in need, thereby allowing more students to 
benefit from our higher education system. Specifically, the bill lowers 
students' five-year loan rate to the lowest it has been for 17 years. 
Congress was able to strike a balance of lowering the rates students 
pay on their loans to 7.46 percent while keeping commercial lenders in 
the market. This reduction in interest rates will result in a savings 
of $700 on the average debt of $13,000 and savings of more than $1,000 
on a $20,000 debt. By striking this balance, the long-term stability of 
the student loan program will continue.
  The Higher Education Reauthorization Act also increases the maximum 
Pell Grant available to low-income students. Beginning in 1999, the 
maximum student Pell Grant authorization level will increase gradually 
each year from the current level of $3,000 to $5,800 in 2003. This 
change will enable low-income students to afford college and accumulate 
less debt.
  The bill also includes an important change to the State Student 
Incentive Grant (SSIG) program that is of particular importance to me. 
Under this legislation, the SSIG program was reformed and changed to 
the Special Leveraging Education Assistance Partnership (LEAP) Program. 
Working with Senators Jeffords, Collins, and Reed, I was able to have 
language included under the LEAP Program to provide scholarships for 
low-income students studying mathematics, computer science, or 
engineering. I believe this language is particularly important given 
the current shortage of high-tech workers. Through the LEAP program, 
States are provided matching money from the Federal Government to 
provide grants for students entering various fields of study.
  The Higher Education Reauthorization Act makes a strong commitment to 
pre-K and K-12 education by creating a loan forgiveness program for 
students who earn a degree and obtain employment in the child care 
industry, as well as for students who gain teaching jobs in school 
districts serving large populations of low-income children. The loan 
forgiveness program will provide an important incentive for teachers to 
go into underserved areas and fields. Coupled with this provision, the 
Higher Education Act strengthens and promotes greater accountability 
within current teacher preparation programs. The legislation provides 
State and local partnerships with incentives to place a greater focus 
on academics and strong teaching skills for teacher certification 
programs. By focusing on teacher preparation, this bill increases the 
likelihood that students will be adequately prepared and able to 
succeed in our higher education system.
  In all, this legislation demonstrates the bipartisan nature of this 
Congress' commitment to education. This bill will impact thousands of 
college-bound students each year and will prepare thousands of school-
age children for higher education in the years to come.

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