[Congressional Record (Bound Edition), Volume 145 (1999), Part 4]
[House]
[Page 4724]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       INTRODUCTION OF H.R. 1129

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Hawaii, Mrs. Mink, is recognized for 5 minutes.
  Mrs. MINK of Hawaii. Mr. Speaker, I rise today to introduce a bill 
important to all students--H.R. 1129. Last Congress we passed 
legislation that allows students to deduct interest paid on student 
loans. The reason we did so was to make it easier for all Americans to 
bear the enormous costs of a higher education, and I supported this 
effort wholeheartedly.
  My bill improves this law by removing the current 60-month limitation 
period for deducting student loan interest. Currently, you can deduct 
interest on a student loan only if it is within 60 months of when the 
loan first came due. Simply put, this limitation means that if the 
student loan is older than five years, you cannot take a tax deduction.
  This limitation needs to be removed. Higher education has become 
increasingly expensive and is creating a financial burden on graduates 
well beyond the first five years of graduation. In just the last 10 
years, total costs at public colleges has increased by 23% and at 
private colleges by 36%. According to the General Accounting Office, 
this means that over the last 15 years, tuition at a public 4-year 
college or university has nearly doubled as a percentage of median 
household income. Thus, it is becoming harder and harder for students 
to graduate from college or graduate school without the help of student 
loans.
  Students that graduate with student loan debt start out a few steps 
behind those without it. It is harder for them to save for emergencies 
or to invest money for their future. And it is harder for them to meet 
day-to-day expenses. This tax deduction will help.
  We, in the Congress, can send the message that we value higher 
education and recognize the financial responsibility students have made 
by allowing the student loan interest deduction for the life of the 
loan.
  This will do two things: It will encourage individuals to go to 
college or graduate school, and it will reduce the cost of an 
education. I believe very strongly, Mr. Speaker, that the way to 
achieve the American dream is through education and that everyone 
should have this opportunity.
  It is absolutely essential that we continue to invest in our most 
important asset--our children. I urge my colleagues to support my bill, 
H.R. 1129.

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