[Congressional Record Volume 153, Number 112 (Friday, July 13, 2007)]
[Extensions of Remarks]
[Page E1508]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   COLLEGE COST REDUCTION ACT OF 2007

                                 ______
                                 

                               speech of

                         HON. JOHN CONYERS, JR.

                              of michigan

                    in the house of representatives

                        Wednesday, July 11, 2007

  Mr. CONYERS. Mr. Speaker, I rise today in support of H.R. 2669, the 
College Cost Reduction Act of 2007, which will cut excess subsidies 
paid by the federal government to lenders in the student loan industry 
and reinvest those funds to allow for the single largest investment in 
higher education since the GI bill, at no new cost to taxpayers.
  Over the last few decades, the cost of a postsecondary education in 
our country has more than doubled for graduates with student loans, 
from $9,250 to $19,200--a 108 percent increase (58 percent after 
accounting for inflation). As the richest nation in the world, we have 
a moral obligation to eliminate the barriers this de facto economic 
segregation erects. No child should be forced to forgo the dream of a 
college education due to fear of debt, and no child should have that 
potential debt dictate their future career choice.
  The College Cost Reduction Act will provide us with a real chance, a 
$15.1 billion chance, to roll back the spiraling cost of higher 
education in this country. By cutting interest rates in half on 
subsidized student loans and increasing the maximum Pell Grant 
scholarship, this act makes College more affordable and moves more 
Americans into the middle class.
  Passing H.R. 2669 will also provide upfront tuition assistance to 
students committed to teaching at public schools in high-poverty 
communities or high-need subject areas. Furthermore, this legislation 
provides loan forgiveness to encourage students who choose to pursue 
careers as public servants. By enacting these provisions, we will be 
allowing students to become a nurse, public defender, prosecutor or 
firefighter free from the restraints of debt.
  Finally, the College Cost Reduction Act Congress will be making a 
landmark, $500 million investment in Historically Black Colleges and 
Universities, Hispanic-Serving Institutions, and Tribally-Controlled, 
Native or Predominately Black Institutions, ensuring that students can 
not only enter college, but count on continued support through 
graduation.
  In the first 50 legislative hours of the 110th Congress, the 
Democratic majority in the House of Representatives took up and passed 
H.R. 5, the College Student Relief Act, which cut the interest rates in 
half on certain subsidized student loans over the next five years. In 
passing that legislation, we kept our promise of making college more 
affordable and accessible. Today, with H.R. 2669, the College Cost 
Reduction Act, we build on this effort and once again prove that the 
110th Congress is on the job and fighting for a better America.

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