[Congressional Record Volume 153, Number 14 (Wednesday, January 24, 2007)]
[Extensions of Remarks]
[Page E182]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE STUDENT RELIEF ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                      Wednesday, January 17, 2007

  Ms. McCOLLUM of Minnesota. Madam Speaker, I rise in strong support of 
H.R. 5, the College Student Relief Act of 2007. I am proud to be a 
cosponsor of this important bill, and I congratulate Speaker Pelosi and 
Chairman Miller for bringing this legislation to the floor in the first 
100 hours. This action is a clear indication that the new democratic 
majority understands that college affordability is a key part of 
ensuring our global competitiveness in the future.
  H.R. 5 will cut the interest rate on student loans in half over the 
next 5 years. This will save students an average of $4,400 over the 
life of their loan. And because the effort is focused on subsidized 
loans, the relief will assist those who need it most--low and middle 
income families.
  The cost of higher education is growing out of reach for too many 
Americans. Tuition has increased 60 percent at the University of 
Minnesota since 2000 and student debt loads are skyrocketing. A recent 
study showed that this debt load is causing graduating students to 
delay decisions such as buying a home, getting married, or having 
children.
  The College Student Relief Act is important, not only for students 
and families, but for our country. If we do not address this problem, 
by 2020 the United States is projected to face a shortage of up to 12 
million college-educated workers. Our strength as a nation has always 
been the talent and skills of our citizens. To ensure this continues, 
the most important investment this Congress can and must make is in the 
education of our people. Access to quality education, including 
vocational and technical training schools, will prepare a highly 
skilled workforce to compete in the growing global economy.
  And today we can make an investment in our future without adding to 
the deficit. H.R. 5 meets the Democrats new pay-as-you-go requirements 
by increasing efficiencies in the current program and redirecting the 
savings back to students. This is in stark contrast to the Republican 
plan last year which cut $12 billion from the student aid program and 
used those savings to pay for tax cuts for the Nation's wealthiest.
  H.R. 5 is a promise kept and a first step in improving access to 
higher education. I look forward to working with my colleagues to 
continue this effort throughout the 110th Congress.

                          ____________________