[Congressional Record (Bound Edition), Volume 152 (2006), Part 9]
[House]
[Page 11577]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     CONSOLIDATION OF STUDENT LOANS

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Mr. Speaker, the Republican leadership is doing nothing 
to help with rising college education costs. The average cost for 4 
years in college at a State university is now over $40,000, and the 
cost to attend a private university now tops $107,000.
  These massive costs are far too much for many families to cover. 
Republicans have limited the availability of student aid, and both 
students and their parents are forced to take on huge loans in order to 
earn their college degree.
  In fact, the average college senior is graduating this year with more 
than $17,000 in student debt. Another problem looms for them, however, 
if they do not consolidate their loans before July 1st. That is when 
interest rates will nearly double on their Federal student loans.
  Mr. Speaker, to avoid dramatic hikes in interest rates and to lock in 
rates as low as 4.75 percent, I strongly encourage students and 
graduates to consolidate their Federal loan payments before July 1. 
Consolidating your loans could save you thousands of dollars over the 
next decade.

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