[Congressional Record (Bound Edition), Volume 153 (2007), Part 18]
[House]
[Page 24517]
[From the U.S. Government Publishing Office, www.gpo.gov]




DEMOCRATIC CONGRESS SENDS COLLEGE COST REDUCTION ACT TO THE PRESIDENT'S 
                                  DESK

  (Ms. RICHARDSON asked and was given permission to address the House 
for 1 minute.)
  Ms. RICHARDSON. Mr. Speaker, today is an exciting week for all 
Democrats because we are sending one of our top priorities to the 
President's desk, and that is the College Cost Reduction and Access 
Act.
  Education departments estimate that over 200,000 academically 
qualified students are unable to go to college. This legislation will 
be the largest investment the Democratic Congress has made since 1944.
  Specifically, the Pell Grant scholarships will be increased by $1,090 
over the next 5 years. We will be able to cut interest rates from the 
current 6.8 percent to 3.4 percent, and that will save student 
borrowers over $4,000 over the life of their loan.
  Members, this is great news, and it is great news to taxpayers, 
because we have been able to utilize eliminating excessive Federal 
subsidies from the lenders in the industry to bear the cost of this 
program . . . and not the taxpayers.
  This is a personal story for me. I have been working since the age of 
12. I took out student loans and was able to get my education because 
of programs like this.
  Mr. Speaker, this is a great day for students and Democrats in this 
Congress to send the college cost reduction act to the Presidents desk.

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