[Congressional Record Volume 159, Number 71 (Monday, May 20, 2013)]
[House]
[Page H2788]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             STUDENT LOANS

  (Mr. SWALWELL of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SWALWELL of California. Mr. Speaker, student loan debt in the 
United States now exceeds $1 trillion, higher than our country's total 
credit card debt; and unless Congress acts, on July 1, Federal student 
loans will double, rising from 3.4 percent to 6.8 percent. This 
increase in student loan rates would be unbearable for many 
undergraduate students and future students. It also will keep them out 
of the middle class.
  The middle class as we know right now is shrinking. If you're in the 
middle class today, you're making approximately $5,000 less than you 
were 10 years ago, and you have nearly $25,000 more in personal debt. 
Access to education powers the innovation economy and will increase and 
grow our middle class. Unfortunately, H.R. 1911, the Republican student 
loan plan to come to the floor this week, will only make college more 
expensive. The Republican's Make College More Expensive Plan will make 
loan rates variable, going as high as 8.5 percent. Their plan 
essentially will build a great wall around our middle class.
  We must deal with the student loan crisis now. Instead of increasing 
student loan rates for students, Congress should be helping students by 
keeping student loan rates low and increasing the student loan rate 
interest deduction. Let's tear down this wall that will keep our 
students from the middle class and not increase the student loan rate.

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