[Congressional Record Volume 153, Number 10 (Thursday, January 18, 2007)]
[Extensions of Remarks]
[Page E148]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                         HON. JOHN CONYERS, JR.

                              of michigan

                    in the house of representatives

                      Wednesday, January 17, 2007

  Mr. CONYERS. Madam Speaker, I rise in strong support of H.R. 5, the 
College Student Relief Act. This bill is designed to make college more 
affordable and accessible by cutting the interest rate on subsidized 
student loans for undergraduates in half over the next 5 years--from 
6.8 percent today to 3.4 percent by 2011. This proposal is targeted on 
assisting the low- and middle-income students with the most financial 
need: those who receive subsidized student loans.
  Over the last 5 years, the cost of attending college has skyrocketed, 
putting college out of reach for more and more students in my district 
and across the country. Tuition and fees at public universities have 
increased by 41 percent since 2001. In addition to rising tuition and 
fees, over the last 5 years interest rates on student loans have jumped 
by almost 2 percentage points, further increasing the cost of college.
  According to the Congressional Advisory Committee on Student 
Financial Assistance, financial barriers will prevent 4.4 million high 
school graduates from attending a 4-year public college over the next 
decade, and prevent another 2 million high school graduates from 
attending any college at all. Madam Speaker, the United States is the 
richest country in the world. We should be able to educate our young 
people to the full extent of their ability. Anything less fails not 
only our students, but our entire nation.
  More than ever, the health of our economy rests on having a highly-
skilled and well-educated workforce. College access is the key to our 
remaining strong in the face of an increasingly competitive global 
economy. Without changes, by the year 2020, the United States is 
projected to face a shortage of up to 12 million college-educated 
workers, directly threatening America's economic strength.
  Once fully phased in, this bill would save the typical borrower, with 
$13,800 in subsidized federal student loan debt, approximately $4,400 
over the life of their loan. Cutting student loan interest rates is 
supported by a large majority of Americans, including majorities of 
Republicans, Independents, and Democrats. Furthermore, the bill is 
fully paid for--meeting all pay-as-you-go requirements.
  Madam Speaker, you don't need to be a genius to recognize the 
critical importance of this legislation. This one should be a no-
brainer. Let's pass H.R. 5.

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