[Congressional Record Volume 155, Number 132 (Thursday, September 17, 2009)]
[Extensions of Remarks]
[Page E2320]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           STUDENT AID AND FISCAL RESPONSIBILITY ACT OF 2009

                                 ______
                                 

                               speech of

                      HON. FORTNEY ``PETE'' STARK

                             of california

                    in the house of representatives

                     Wednesday, September 16, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3221) to 
     amend the Higher Education Act of 1965, and for other 
     purposes:

  Mr. STARK. Madam Chair, I rise today in support of creating education 
opportunity for millions of students. The Student Aid and Fiscal 
Responsibility Act (H.R. 3221) is the single largest investment in 
college affordability in our nation's history. In addition, the 
legislation will provide much-needed resources for states to develop 
and improve early childhood education programs.
  The ideal behind this bill is simple: stop providing taxpayer 
subsidies to banks to act as the middlemen in student lending, save 
billions, and reinvest most of those savings into our beleaguered 
education system.
  By moving all student loans into the Department of Education's Direct 
Lending Program, this legislation saves $87 billion that would 
otherwise be siphoned off by private lenders. These savings allow for 
historic investments in the Pell Grant and Perkins Loan programs for 
low- and moderate-income students. Over 16,000 students in my 
Congressional District rely on Pell Grants each year. These students 
will see the maximum grant rise to $5,500 in 2010 and automatically 
increase each year thereafter to keep up with inflation. By 2019, the 
maximum grant is expected to be $6,900. Similarly, the Perkins Loan 
program will receive a $6 billion boost, providing assistance for 
thousands of new students.
  The bill also invests in another vital resource: Our community 
colleges. H.R. 3221 invests $10 billion in community colleges to 
modernize facilities, implement reforms, and work with local employers 
to create curricula to ensure that students are graduating able to 
fulfill local workforce needs.
  Finally, the legislation before us will help to make sure that every 
child enters school ready to learn and achieve by creating the ``Early 
Learning Challenge Fund.'' This fund will provide resources to states 
to expand and improve their ``Birth to Five'' early childhood education 
programs by improving licensing standards, developing high quality 
curricula aimed at cognitive, emotional, and social development, and 
building a highly qualified workforce.
  The Student Aid and Fiscal Responsibility Act is an example of reform 
that this Congress can achieve when we are willing to put aside the 
narrow concerns of special interests and support common sense policies 
that will provide greater educational opportunity. I urge all of my 
colleagues to support the bill.