[Congressional Record Volume 153, Number 11 (Friday, January 19, 2007)]
[Extensions of Remarks]
[Page E152]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. ADAM B. SCHIFF

                             of california

                    in the house of representatives

                      Wednesday, January 17, 2007

  Mr. SCHIFF. Madam Speaker, I rise in support of the College Student 
Relief Act. America's economy continues to change, and a college 
education has grown increasingly more important. Unfortunately, it has 
also grown increasingly more expensive, with tuition and fees for a 
four-year public college rising 41 percent--after inflation--since 
2001. Federally subsidized loans provide a crucial helping hand to 
middle class students and families. This legislation will lessen the 
burden on hardworking students and families by cutting interest rates 
on federally subsidized student loans in half over a period of five 
years, from 6.8 percent to 3.4 percent.
  In California, the average college student with federally subsidized 
loans graduates with more than $15,000 of debt. The costs of college 
are such that it is simply unaffordable for many students without help. 
Over the next decade, 4.4 million high school graduates will be 
prevented from attending a 4-year college by financial barriers. Our 
Nation's economic competiveness relies upon having the best educated 
workforce possible and investment in postsecondary education will yield 
great societal benefits.
  Madam Speaker, this legislation will make a difference in the lives 
of millions of young people, helping to put them on secure financial 
footing as they move from college to the working world. And it does so 
responsibly, within the structure of the PAY-GO rules that ensure that 
the entire $6 billion in costs will be paid for by reasonable offsets. 
I urge a ``Yes'' vote on this important legislation.

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