[Congressional Record Volume 158, Number 64 (Tuesday, May 8, 2012)]
[Extensions of Remarks]
[Page E721]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      INTEREST RATE REDUCTION ACT

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                               speech of

                          HON. JOHN D. DINGELL

                              of michigan

                    in the house of representatives

                         Friday, April 27, 2012

  Mr. DINGELL. Mr. Speaker, as we continue to recover economically, we 
must ensure that students can afford a higher education. In 2007, as we 
were dealing with the worst of the recession, I voted in favor of 
legislation to reduce interest rates on Stafford loans from 6.8 to 3.4 
percent. On July 31, interest rates will go back to 6.8 percent if 
Congress does not act.
  There are nearly 48,000 students attending a university or college in 
my district who have a Stafford subsidized student loan. Those loans 
total over $212 million. Doubling the interest rate will add an 
unnecessary burden on those students as they graduate and enter the 
workforce. For each year that Congress does not act to keep rates at 
3.4 percent, students add an additional $1000 in debt over the life of 
their loans. It may prevent them from starting a family, buying a home, 
or getting a new car. We must do everything we can to help as they get 
started.
  The cost of the student loan bill is $6 billion. Unfortunately, 
Republicans have chosen to pay for it by repealing the Prevention and 
Public Health Fund included in the Affordable Care Act that invests in 
innovative programs, practices and treatments to prevent cancer, heart 
disease, diabetes, and programs particularly important to women's 
health. We should not have to choose how we are going to invest in our 
country's future; how do you decide to cut investments in the education 
for the workforce of tomorrow versus the health of that very same 
workforce?
  I support the Democratic alternative negotiated between the White 
House and Congressional Democrats that pays for the student loan 
interest rate by closing a corporate tax loophole. I hope that the 
House leadership will allow a vote on this commonsense alternative so 
students and their families aren't left paying for higher interest 
rates to go to school. Republicans know that their proposal cannot be 
supported by Democrats. They don't seem to know that by not finding a 
compromise, they are playing politics with students, families, and the 
future of our country.

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