[Congressional Record (Bound Edition), Volume 155 (2009), Part 17]
[House]
[Pages 22513-22514]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 THE STUDENT LOAN BILL AND THE ECONOMY

  (Mr. ARCURI asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. ARCURI. Mr. Speaker, I want to make sure that I take time to 
promote a bill that I think has been lost in the constant and necessary 
debate regarding health care reform over the past several months.
  While reforming our Nation's health care system is absolutely 
critical, last week in Congress we passed a bipartisan piece of 
legislation that will greatly benefit prospective college students of 
all ages from across the country.
  The Student Aid and Fiscal Responsibility Act will transform the way 
student loan programs operate by boosting Federal loan rates across the 
board, including a $40 billion increase in Pell Grant scholarship 
programs. It will keep interest rates low and make loan application 
forms simpler to understand and complete, doing away with the 
cumbersome paperwork that now makes applying for aid a daunting task.
  I have 14 colleges and universities in my district. In many cases, 
these institutions are the main economic engine for the towns and 
cities in which they

[[Page 22514]]

are located. This piece of legislation will benefit all of them as more 
students can go to college and come to these great towns that provide 
an economic boost for the surrounding regions.
  This legislation will also have a positive impact on our economy's 
sustainability, as it will save taxpayers $87 billion over 10 years by 
switching to the cheaper Direct Loan Program.
  I think this piece of legislation is a win-win.

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