[Congressional Record Volume 153, Number 10 (Thursday, January 18, 2007)]
[Extensions of Remarks]
[Pages E145-E146]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. SILVESTRE REYES

                                of texas

                    in the house of representatives

                      Wednesday, January 17, 2007

  Mr. REYES. Madam Speaker, I rise today in strong support of H.R. 5, a 
bill that would expand educational opportunity for millions of young 
Americans by slicing interest rates on federally-subsidized student 
loans in half.
  This fair, well-balanced legislation would open the doors to 
America's colleges and universities for millions of our sons and 
daughters who would have otherwise been dissuaded by

[[Page E146]]

the high cost of pursuing a higher education. Among those millions will 
be young men and women who will be the first in their families to 
attend college. There will be inventors and innovators, businessmen and 
women, generals, scientists, leaders of all stripes, and, surely, 
future members of this body.
  At the University of Texas at El Paso (UTEP) in my district, students 
entering school in 2007 will save $2,300 on an average debt of $13,800, 
and student entering in 2011, when the full interest rate cuts take 
effect, will save over $4,400 on the same amount of debt.
  These savings would mean the world to my community of El Paso and to 
Latino communities across the country. This is true because Hispanic 
students have historically borrowed less on average than other groups, 
a reluctance that means students are often too busy working for a 
paycheck to complete their degrees in a timely fashion. The six billion 
dollars in loan relief we are passing today will mean our kids will 
have the ability to borrow the money they need to finance their 
educations and ultimately get the jobs that will allow them prosperous 
lives.
  What we are doing today also has broader significance. It is 
significant to the strength of our economy and the security of our 
country. If America is to compete economically with countries like 
China and India and fill key positions in our national security 
agencies, we need to start by sending more kids to college. Under 
current policy, financial barriers will prevent 6.4 million high school 
graduates from attending college and would cost our economy 12 million 
college-educated workers by the year 2020. This is a crisis, Madam 
Speaker. We need to recognize right now that the investments in 
education we make or choose not to make today will determine our 
economic future--whether or not our grandchildren and great-
grandchildren have high-quality jobs.
  College access is an integral part of our competitiveness and 
security puzzle, because we will not find the answers to the challenges 
we face as a nation without a well-educated and innovative workforce. 
The bill we are passing today will make our country a safer and a more 
prosperous place.
  Madam Speaker, I urge my colleagues to pass this bill, and I look 
forward to continuing this dialogue about the importance of education 
for national competitiveness and security.

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