[Congressional Record Volume 153, Number 13 (Tuesday, January 23, 2007)]
[Extensions of Remarks]
[Page E174]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                           HON. MIKE ROGERS-

                              of michigan

                    in the house of representatives

                       Tuesday, January 23, 2007

  Mr. ROGERS of Michigan. Madam Speaker, I rise today to express 
concerns with the College Student Relief Act, which passed the House on 
January 17, 2007.
  As the author, while a Michigan State Senator, of legislation 
creating the Michigan Education Savings Plan, my commitment to helping 
families afford college has been a long-standing priority of my public 
service tenure. In fact, this program has helped thousands of Michigan 
families save for college expenses as well over 100,000 accounts have 
been opened since the program's inception.
  Unfortunately, for many families, their ability to save cannot keep 
pace with the rising costs of post-secondary education. For these 
families, student loans represent an integral piece to the higher 
education puzzle, which is why we, as policymakers, must ensure that 
our actions meet the twin goals of reducing the cost of, and increasing 
access to, a college education,
  The College Student Relief Act represents a short-term solution for 
student loan relief for a very specific group of student borrowers. 
This legislation reduces the student loan rate on only subsidized 
Stafford loans. It does not reduce the rates of undergraduate students 
borrowing from unsubsidized Stafford loans, nor does it provide relief 
to graduate students. Furthermore, this legislation does not 
permanently reduce student loan rates but cuts rates over five years, 
after which point they will go back to a higher interest rate, in 
effect providing only six months of relief.
  Lastly, I believe students must be provided with borrowing choices, 
and they should be able to borrow from lenders who provide the most 
affordable option for them and their families. A competitive student 
loan marketplace is central to lowering the longterm costs associated 
with higher education
  Rest assured, I will continue to work in Congress, must work, to help 
make college more affordable and attainable for every American family.

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