[Congressional Record Volume 153, Number 7 (Friday, January 12, 2007)]
[Extensions of Remarks]
[Pages E101-E102]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         INTRODUCTION OF THE COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                           HON. GEORGE MILLER

                             of california

                    in the house of representatives

                        Friday, January 12, 2007

  Mr. GEORGE MILLER of California. Madam Speaker, I rise to introduce 
the College Student Relief Act of 2007, a bill that will deliver much 
needed relief for students and families.

[[Page E102]]

  The College Student Relief Act of 2007 cuts interest rates in half 
phased in over 5 years starting July 1, 2007.
  This proposal will provide debt relief for over five million students 
and families by cutting interest rates in half for undergraduate 
borrowers of subsidized loans.
  In keeping with our promise to be fiscally responsible, this bill 
provides offsets in full compliance with our newly passed PAYGO rules.
  Madam speaker, as you know college affordability is one of the most 
important issues facing students and families. With the significant 
increases in tuition over the last five years our nation's students and 
families will finally get some much needed help with their student 
loans.
  Millions of college students and parents of college students are 
struggling to come up with the financial resources to pay for college.
  And many would-be students--as many as 200,000 per year--are choosing 
to delay or forgo attending college altogether because they can't 
afford it.
  This debt problem affects all of us. Public service professions like 
teaching are suffering, because graduates cannot manage their college 
debt on public service salaries. Nearly a quarter of recent college 
graduates have too much debt to manage on a starting teacher's salary.
  This poses a serious threat not just to students and families, but to 
our Nation's economy and to the future of our workforce.
  Today, we are finally taking our Nation's students and families in a 
New Direction by making college affordability a top priority.
  Once fully phased in, these cuts will save the typical borrower with 
$13,800 in needbased federal loan debt roughly $4,400 over the life of 
their loan.
  In my home State of California, this bill will save the typical 
borrower $4,830 over the life of their loan.
  This will be an important first step towards making college more 
affordable and accessible for millions of low-income and middle class 
students.
  As Chairman of the Education and Labor Committee, one of our top 
priorities will be to continue to lower college costs for all qualified 
students.
  I look forward to seeing this bill pass through the House with 
overwhelming support and bringing help to our students and families.

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