[Congressional Record (Bound Edition), Volume 158 (2012), Part 3]
[Extensions of Remarks]
[Pages 4468-4469]
[From the U.S. Government Publishing Office, www.gpo.gov]




                STUDENT LOAN GRACE PERIOD EXTENSION ACT

                                 ______
                                 

                            HON. JANICE HAHN

                             of california

                    in the house of representatives

                       Wednesday, March 28, 2012

  Ms. HAHN. Mr. Speaker, this recession has left virtually no one 
untouched. Students that are graduating from college are finding not 
only a hostile job market, but many carry with them an overwhelming 
amount of debt. If we are going to get our economy back on track, we 
need to make sure those young people are given a fighting chance.
  The unemployment rate for new college graduates in many fields is 
higher than the national average and they currently have to begin 
repayment on their loans a short 6 months after they graduate. The 
class of 2010 faced an unemployment rate for new college graduates of 
9.1 percent, the highest in recent years.
  That is why I am introducing the ``Student Loan Grace Period 
Extension Act'' which will extend the grace period for Federal 
Subsidized and Federal Unsubsidized Student Loans from 6 months to 12 
months after the student graduates. This bill will provide students 
with a necessary window after graduation where they can conduct their 
job search without the financial constraint of monthly student loan 
payments after 6 short months. Given the recent recession and our slow 
economic recovery, it only makes sense to give those young people just 
entering the work force a fighting chance to find a job and start 
earning before they begin repaying their loan obligations.
  By passing this bill, we will ensure that our college graduates are 
not prematurely burdened with student loan payments before many of them 
may be able to find gainful employment in their field.

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