[Congressional Record Volume 153, Number 133 (Monday, September 10, 2007)]
[Extensions of Remarks]
[Page E1847]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONSIDERATION OF CONFERENCE REPORT ON H.R. 2669, COLLEGE 
                     COST REDUCTION AND ACCESS ACT

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Friday, September 7, 2007

  Ms. McCollum of Minnesota. Mr. Speaker, I rise in strong support of 
the conference report for the College Cost Reduction and Access Act 
(H.R. 2669) and congratulate Speaker Pelosi and Chairman Miller on 
keeping a key promise of the new Democratic Majority--increasing access 
to higher education for all Americans.
  The College Cost Reduction and Access Act is the largest investment 
in higher education since the G.I. bill and at no new cost to the 
taxpayer. This legislation makes a common-sense choice by cutting 
excessive subsidies to lenders and investing those dollars in our 
students.
  H.R. 2669 will make a real difference in the lives of students, 
families and new graduates. We know that too many students are making 
the choice to delay home ownership or marriage because of student loan 
debt. This bill cuts the interest rates on student loans in half and 
ensures that borrowers have manageable re-payment requirements. In real 
terms, over 7 million students will save $4,400 over the life of their 
loans.
  By increasing the purchasing power of the Pell Grant and expanding 
access to this critical resource, we will help to ensure that qualified 
students do not delay or refuse college based solely on ability to pay.
  In addition, too many student interested in public service careers 
cannot pursue them because of the debt to salary ratio after 
graduation. With the passage of H.R. 2669, upfront tuition assistance 
is available for students who commit to teachers in high-poverty school 
districts, and loan repayment will be available for military service 
members, first responders, nurses, early childhood educators and 
others.
  Education is a top priority for the 110th Congress. It is an issue 
that is important to students, families and communities. It is also a 
critical part of ensuring our global competitiveness and economic 
stability. I urge my colleagues to support, and the President to sign, 
this critical bill.

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