[Congressional Record (Bound Edition), Volume 151 (2005), Part 19]
[House]
[Page 25567]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   STUDENT AID IN RECONCILIATION BILL

  (Mr. OLVER asked and was given permission to address the House for 1 
minute.)
  Mr. OLVER. Madam Speaker, tomorrow's reconciliation bill is a 
reckless attack on students attending college. Basically, the bill 
burdens students from low- and middle-income families with 33 percent 
higher debt to pay for tax cuts that benefit almost exclusively those 
whose income is over $200,000 a year. This bill cuts $14 billion from 
student aid by increasing interest rates and taxes on loans and 
charging students new fees.
  The cost of college is skyrocketing, and it already leaves the 
average student $17,000 in debt. This bill would increase that debt by 
33 percent. Many low- and middle-income students will no longer be able 
to afford college and their lifetime earning power will be reduced. 
Under the reconciliation bill, at least four students are going to 
start their careers burdened with added debt to pay for each 
millionaire's tax cut. And all this is being done so that the 
wealthiest 3 percent of Americans can have another huge tax cut.

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