[Congressional Record Volume 159, Number 114 (Friday, August 2, 2013)]
[Extensions of Remarks]
[Page E1220]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


             BIPARTISAN STUDENT LOAN CERTAINTY ACT OF 2013

                                 ______
                                 

                               speech of

                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                        Wednesday, July 31, 2013

  Mr. VAN HOLLEN. Mr. Speaker, student loan debt in our country tops $1 
trillion, burdening graduates with high repayment as they begin their 
working lives and preventing them from making other purchases, like a 
home or a car. This is a problem that requires a comprehensive solution 
that includes affordable financial assistance and collaboration with 
states and colleges to keep costs down.
  Today's bill, while imperfect, will prevent rates from doubling 
immediately on loans for the neediest students. It locks in rates for 
each new loan, providing more certainty than the House Republican 
proposal, which I opposed when it passed the House earlier this year. 
It includes a cap, preventing rates from skyrocketing in the future. I 
remain concerned, however, about increasing rates for students in the 
long-term, and would urge future action on this issue as rates rise.
  Ultimately, we must look at the alternatives available today. Had I 
been in the Senate, I would have voted against this bill in an effort 
to get a better long-term deal for students. However, now that it has 
passed the Senate and is before us on the House Floor with no 
opportunity for amendment, we are faced with a choice between keeping 
the doubled student loan rate or reducing it for this year's students. 
Therefore, I will vote for this bill today, but will seek to amend this 
law in the coming years should rates rise and further burden our 
nation's students.
  Reauthorization of the Higher Education Act will provide a good 
opportunity to revisit this issue and address college costs in a more 
comprehensive way, and I look forward to working with my colleagues on 
that effort.

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