[Congressional Record Volume 148, Number 7 (Tuesday, February 5, 2002)]
[Extensions of Remarks]
[Page E71]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   ESTABLISHING FIXED INTEREST RATES FOR STUDENT AND PARENT BORROWERS

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                               speech of

                        HON. SHEILA JACKSON-LEE

                                of texas

                    in the house of representatives

                       Thursday, January 24, 2002

  Ms. JACKSON-LEE of Texas. Mr. Speaker, I rise in support of S. 1762. 
This bill helps expand opportunities for higher education by 
establishing fixed interest rates for student and parent borrowers.
  Our country is the land of opportunity, where one can go from rags to 
riches. A few land unique and rare opportunities for successful 
ventures that reap them financial security. The majority of the 
population, however, rely on a college, or more advanced, education.
  The future or our Nation lies in educating the next generation of 
young people. But the cost of an education these days is phenomenal--
tens of thousands of dollars per year for tuition alone. Add in the 
cost of books, room and board, and maybe a movie now and again. And for 
those who continue on to law or medical school, a significant amount of 
expenses is added on.
  Most students get through college by working and taking out loans. 
Education loans are good investment in our economy and in our citizens. 
College graduates earn an average of 80 percent more than individuals 
with only a high school diploma. Over a lifetime, the earnings 
difference individuals with high school and college degrees can be more 
than $1 million.
  Education loans give everyone and anyone the opportunity to a college 
education because they are guaranteed. This legislation is crucial to 
ensure that education loans are accessible to help future generations 
realize the American Dream.

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