[Congressional Record Volume 158, Number 85 (Thursday, June 7, 2012)]
[House]
[Page H3586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             PREVENT THE DOUBLING OF THE STUDENT LOAN RATE

  (Mr. SIRES asked and was given permission to address the House for 1 
minute.)
  Mr. SIRES. Mr. Speaker, in less than 1 month, the interest rate for 
student loans is scheduled to double from 3.4 to 6.8 percent.
  This increased rate, combined with the skyrocketing costs for 
college, will make it extremely difficult for Americans to afford to go 
to college. The cost for a higher education at a public 4-year school 
has almost tripled in the last 17 years. Americans now owe more money 
in tuition than they do in credit cards. According to the Consumer 
Financial Protection Bureau, educational loan debt in our country has 
reached $1 trillion.
  Education is one of the biggest determining factors for earning 
potential. Those who have bachelor's degrees earn double the salary of 
those with high school diplomas. Those with associate degrees earn 50 
percent more than those with high school diplomas. I am also a strong 
supporter of fully funding Pell Grants, which provide Federal grant aid 
for students to make college more affordable.
  Access to higher education is an investment in the future economic 
stability of our Nation. We must put aside partisan differences and 
work together to preserve Pell Grants and to prevent the student loan 
rate from doubling on July 1.

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