[Congressional Record Volume 158, Number 93 (Tuesday, June 19, 2012)]
[House]
[Page H3743]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               IT'S TIME TO EXTEND THE STUDENT LOAN RATE

  (Mr. WELCH asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WELCH. Madam Speaker, in 11 days, the interest rates on the 
Stafford student loans will double from 3.4 percent to 6.8 percent. 
It's unthinkable that Congress would allow this to happen. But here we 
are, only 11 days from the deadline, and no closer to a solution than 
we were months ago. This is one of those only-in-Washington situations. 
Nearly everyone agrees that we can't let these rates double. Doing so 
will be a real blow to the middle class and those trying to climb their 
way into the middle class. It would be bad for the economy, and it 
makes no practical sense. The Federal Government is borrowing at 1.6 
percent. Yet Congress has been unable to extend the lower rate, and it 
is now only 11 days away.
  Take Jessie from Norwich, who will be affected. Despite significant 
financial support from scholarships and her family, she's graduating 
from nursing school with over $150,000 in student loan debt. At age 26, 
Jessie worries that she'll not be able to start a family or put a down 
payment on a home because of this staggering debt. She worries that if 
interest rates increase, a bad situation will be even worse.
  Madam Speaker, we have 11 days. It's time to get this done.

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