[Congressional Record (Bound Edition), Volume 158 (2012), Part 4]
[Extensions of Remarks]
[Page 5882]
[From the U.S. Government Publishing Office, www.gpo.gov]




              FIGHTING TO PREVENT A STUDENT LOAN RATE HIKE

                                 ______
                                 

                          HON. MAZIE K. HIRONO

                               of hawaii

                    in the house of representatives

                        Thursday, April 26, 2012

  Ms. HIRONO. Mr. Speaker, ``Don't double my rate.''
  I've heard this message loud and clear from college students in 
Hawaii and across the country. If Congress does not act, almost 17,000 
student loan borrowers in Hawaii will see their interest rates double 
on July 1. Hawaii college students will owe nearly $1,000 more next 
year.
  I have heard countless stories of people in Hawaii burdened by 
student loan debt. One woman in Kailua told me she took out student 
loans to afford graduate school, and now teaches part time at Hawaii 
Pacific University. Her husband is a Marine who's currently deployed. 
She says, ``My education was important to me, but now I wonder if it 
was truly worth it. I have the education that has provided me the job 
of my dreams but we are drowning in so much student loan debt that I 
may have single-handedly ruined both of our futures.''
  Hawaii students shouldn't have to drown in debt to achieve their 
dreams. Education is too important: it's the key to greater 
opportunity.
  I know firsthand how education opens the door to a better life. I 
came to this country from Japan when I was nearly 8 years old. My 
mother courageously plotted and planned in secret in order to flee an 
abusive marriage and bring us to this country so we could have a better 
life. We came to Hawaii in steerage with little more than the clothes 
on our backs. I did not speak a word of English but my mother enrolled 
me in the public schools and that's where I learned to read, write and 
speak English. I used financial aid and student loans to put myself 
through college and law school.
  A recent study found that by 2018, nearly two-thirds of jobs in 
Hawaii will require some type of post-secondary education or career 
training. Meanwhile, tuition is rising and student loan debt is a 
serious problem. The average Hawaii college graduate has over $15,000 
in student loan debt. Nationwide, Americans now owe more in student 
loan debt than credit card debt.
  In my first year in Congress, I cosponsored the College Cost 
Reduction and Access Act of 2007. This bill passed on a strong 
bipartisan basis and was signed into law by President George W. Bush. 
This law cut low- and middle-income student loan interest rates in 
half, from 6.8 percent to 3.4 percent. This provision will expire on 
July 1. We need a solution right away.
  Yet, rather than seek a real, bipartisan solution like we did in 
2007, the House Majority continues to play politics with the issues 
that matter most to our families.
  Their latest ploy is H.R. 4628. This bill is a sheep in wolfs 
clothing. It supports college students, but on the backs of women and 
children. The bill would pay for keeping the lower interest rate for 
one year by repealing the Public Health and Prevention Fund. It's yet 
another partisan attack on the Affordable Care Act.
  The Public Health and Prevention Fund has already had a major impact 
in Hawaii. Our state has received grants to provide vaccinations, HIV 
testing, obesity and smoking prevention, and warning systems for 
disease outbreaks. The Public Health and Prevention Fund is supported 
by American Academy of Pediatrics--Hawaii Chapter, American Lung 
Association in Hawaii, CHOW Project, Faith Action for Community Equity, 
Hawaii Island HIV/AIDS Foundation, Hawai'i Primary Care Association, 
Hawaii Public Health Association, Malama Pono Health Services, and Papa 
Ola Lokahi. National organizations supporting this fund include the 
AARP, Alzheimer's Foundation, American Cancer Society, American 
Diabetes Association, American Nurses Association, March of Dimes, and 
hundreds more.
  Today's vote is a false choice. Let's stop playing games with our 
students' future, and let's not balance the budget on the backs of 
women's and children's health. Today's vote is just a skirmish. The 
game is not over. We need a real solution right away.
  That's why I'm a cosponsor of the Stop the Rate Hike Act, H.R. 4816. 
This bill would keep student loan interest rates low for another year, 
long enough to find a longer-term solution. We'd pay for this by ending 
tax loopholes for big oil companies. These companies are already raking 
in record profits, and don't need another year of handouts from you and 
me.
  I voted today to take up H.R. 4816, a real solution for our students. 
I urge my colleagues to come together and get this done.

                          ____________________