[Congressional Record Volume 158, Number 21 (Wednesday, February 8, 2012)]
[House]
[Page H590]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                             STUDENT LOANS

  (Ms. PINGREE of Maine asked and was given permission to address the 
House for 1 minute.)
  Ms. PINGREE of Maine. Madam Speaker, last month I submitted comments 
to the Consumer Financial Protection Bureau about the rising problem of 
student loan debt.
  I've heard from many people in my State--students, former students, 
and parents--who are struggling to pay back student loans. We are 
asking our students to take on more debt than ever, and in this weak 
economy, it's hard to make the rising monthly payments. There has to be 
a better way.
  Private student loans are part of the problem. They are one of the 
riskiest ways to pay for college, often with uncapped variable interest 
rates that hit those who are least able to afford them the hardest.
  But the Federal student loan system also needs reform. Currently, 
borrowers are paying an interest rate of up to 8 percent, while 
homeowners refinancing their mortgages are often paying less than half 
of that. There is no reason that students and their parents should pay 
so much more for something that is as basic and essential as an 
education.
  Madam Speaker, an affordable education should be a right for every 
family in America.

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