[Congressional Record Volume 158, Number 94 (Wednesday, June 20, 2012)]
[House]
[Page H3811]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1210
                           STUDENT LOAN RATES

  (Mr. SIRES asked and was given permission to address the House for 1 
minute.)
  Mr. SIRES. Madam Speaker, access to affordable higher education is 
one of the reasons that our country is so great. As someone who lives 
in the gateway to America, I have seen firsthand the transformational 
power of education. However, access to higher education is now being 
threatened.
  In less than 2 weeks, the interest rate for student loans is 
scheduled to double from 3.4 to 6.8 percent. This will make it 
extremely burdensome for students and families with limited financial 
resources to attend college. Just in the past 10 years, college tuition 
has increased by 28 percent. Middle class families are struggling to 
send their sons and daughters to school.
  For many Americans, a college education is essential to future 
success. Over a lifetime, it is estimated that a college graduate makes 
an average of $2.27 million. In contrast, those with only a high school 
diploma are estimated to make $1.3 million.
  The clock is ticking and we must act now. Congress should not block 
access to affordable education. Let us work together to keep student 
loan interest rates low.

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