[Congressional Record Volume 153, Number 10 (Thursday, January 18, 2007)]
[Extensions of Remarks]
[Page E147]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                      Wednesday, January 17, 2007

  Mr. PAUL. Madam Speaker, anyone who knows a recent college graduate 
is well aware of the way many young people struggle to pay their 
student loans. By slightly reducing the interest rate on student loans, 
H.R. 5, while far from perfect, will help ease this burden. A 
commendable feature of this bill is that, instead of placing new 
burdens on taxpayers, it pays for the reduction in interest rates by 
reducing subsidies to financial institutions. Thus, the bill does not 
increase the deficit, taxes, or the size or scope of government.
  All-too-often, government programs, which the taxpaying public 
believes help lower-income Americans, actually provide government 
subsidies for politically powerful business interests. For example, in 
the student loan program under discussion today, taxpayer dollars are 
provided to financial institutions in return for those institutions 
agreeing to provide student loans under terms set by the government. By 
reducing subsidies for financial institutions in order to benefit 
recent graduates, H.R. 5 takes a step toward ensuring the student loan 
program actually focuses on helping students and recent graduates, 
instead of using taxpayer dollars for a disguised form of corporate 
welfare.
  In addition to passing H.R. 5, Congress should also help more 
Americans afford college by passing my Make College Affordable Act, 
H.R. 193, that makes college tuition tax deductible. There has been 
talk of bringing legislation like H.R. 193 to the floor later this 
year. I hope all my colleagues--regardless of their positions on the 
bill before us today--can unite behind helping middle- and working-
class Americans afford college by supporting my Make College Affordable 
Act or similar legislation.

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