[Congressional Record (Bound Edition), Volume 158 (2012), Part 4]
[House]
[Page 5639]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             STUDENT LOANS

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
California (Mrs. Capps) for 5 minutes.
  Mrs. CAPPS. Mr. Speaker, we all know if Congress doesn't come 
together soon, interest rates on student loans will double on July 1. 
Rates will go from 3.4 percent to 6.8 percent.
  Right now in our country, student loan debt is higher than credit 
card debt. This is a huge challenge and barrier facing students, their 
families and our economy. We cannot have our graduates leaving school 
with crushing debt. It limits the careers they can pursue, and we 
certainly don't want young people shying away from continuing their 
education because they know they'll never be able to afford it. We must 
keep open the doors of opportunity for all and, in the process, produce 
a well-educated workforce that's going to grow our economy.
  But, if Congress doesn't act soon, more than 7 million low- and 
middle-income students nationwide will be required to pay more for 
their student loans. This would mean adding thousands of dollars to a 
college bill, and that's why I am a proud supporter of legislation to 
address this issue. I support ending some of the lavish subsidies we 
give to extraordinarily profitable oil companies and using that money 
to keep student loan rates from doubling and, at the same time, 
reducing our deficit by billions of dollars.
  We must get our priorities straight. We should be investing in our 
students and bringing down our deficit instead of handing over taxpayer 
dollars to some of the richest corporations in the world. I urge my 
colleagues to join in this effort.

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