[Congressional Record (Bound Edition), Volume 152 (2006), Part 8]
[House]
[Page 10980]
[From the U.S. Government Publishing Office, www.gpo.gov]




          STUDENTS SHOULD CONSOLIDATE TO AVOID RATE INCREASES

  (Ms. SOLIS asked and was given permission to address the House for 1 
minute.)
  Ms. SOLIS. Mr. Speaker, graduation season is in full swing, and all 
across the country eager college students are walking across the stage 
and entering into the workforce. While many wonderful experiences no 
doubt lie before them, one factor will quickly dampen their spirits, 
the reality that they are now saddled with unmanageable debt they 
accrued while obtaining their college degree.
  The debt will grow even more daunting if they miss an important 
deadline that is fast approaching. That is why I came to the floor 
today, Mr. Speaker, to encourage all college graduates and their 
parents who are carrying debt to consolidate their Federal college 
loans before July 1. If they do not, interest rates will rise by 7 
percent for students and 7.8 percent for their parents. Consolidating 
this month will allow them to lock in a low rate of 4.75 percent, 
drastically reducing the overall amount they will have to pay.
  Mr. Speaker, the Republicans refuse to join us in making college 
affordable for many, many young people. In fact, they actually made 
college more expensive for American students when they passed a $12 
billion in higher education cut earlier this year.
  I urge strong support for our students and parents.

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