[Congressional Record (Bound Edition), Volume 158 (2012), Part 4]
[House]
[Page 5091]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1220
             STOP STUDENT LOAN INTEREST RATES FROM DOUBLING

  (Mr. TONKO asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. TONKO. Mr. Speaker, I rise today to sound a warning: college 
could become even more expensive.
  While it's true that a recent report from the College Savings Plan 
Network put the value of a 4-year degree at $570,000 more than a high 
school education would provide over a lifetime of work, paying for 
loans to go to school is a ticking timebomb.
  On July 1, federally subsidized student loan interest rates will 
double for low- and middle-income families from 3.4 percent to, yes, 
6.8 percent. About 8 million students nationwide will be affected by 
this change. For a student that takes out $23,000 in loans over the 
course of a 4-year degree, this would mean paying back an additional 
$11,000 over a 20-year payback period.
  But it doesn't have to be this way. This body can act. It can act 
before July 1 to stop interest rates from doubling.
  I stand here today to urge action to stop student loan interest rates 
from doubling overnight. Our Nation's young people face enough hurdles 
that range from student debt to finding a job to starting a career. 
They shouldn't have to worry about this body adding to the list.

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