[Congressional Record (Bound Edition), Volume 148 (2002), Part 1]
[Extensions of Remarks]
[Page 753]
[From the U.S. Government Publishing Office, www.gpo.gov]




   ESTABLISHING FIXED INTEREST RATES FOR STUDENT AND PARENT BORROWERS

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                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Thursday, January 24, 2002

  Ms. McCOLLUM. Mr. Speaker, I am pleased today to support S. 1762, to 
establish fixed interest rates for student loans and to loans and to 
extend current law with respect to Federal support for lenders.
  The passage of S. 1762 will establish fixed interest rates for 
students and correct a problem in the Higher Education Act that, if not 
acted upon, would threaten to end the participation of private lenders 
who fund the Federal Family Education Loan Program (FFELP). The 
continued availability of low-cost, federally guaranteed loans under 
FFELP is crucial to ensuring that our nation's students and parents are 
able to pay for college and other higher education opportunities.
  As a member of the 21st Century Competitiveness Subcommittee, which 
has jurisdiction over higher education issues, I am committed to making 
higher education more accessible and affordable for students. I applaud 
the student, school and loan provider groups that have worked with 
Congress and the administration to develop this ``win-win'' solution. 
This legislation is good for students and good for our nation.

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