[Congressional Record (Bound Edition), Volume 158 (2012), Part 5]
[Extensions of Remarks]
[Pages 7482-7483]
[From the U.S. Government Publishing Office, www.gpo.gov]




               IN SUPPORT OF H.R. 5801, THE US LEADS ACT

                                 ______
                                 

                         HON. LAURA RICHARDSON

                             of california

                    in the house of representatives

                          Friday, May 18, 2012

  Ms. RICHARDSON. Mr. Speaker, the higher education system in the 
United States is the envy of the world. The universities here are a 
part of America's backbone, providing young people with the skills and 
knowledge necessary to succeed in today's global economy.
  However, Mr. Speaker, as the value of a college education has risen, 
so has the cost of tuition at universities across the country. Nowhere 
is this truer than in public universities in the state of California 
where budget cuts, furlough days, and tuition increases have become the 
new normal.
  Average in-State tuition and fees at public 4-year institutions of 
higher education have risen 8.3 percent between the 2010-2011 and 2011-
2012 academic years. The tuition hikes at public universities threaten 
access to higher education for millions of low and middle-income 
students who have worked hard in high school and deserve to go to 
college.
  As a result of the increase in tuition at public and private 
universities, student loan debt now exceeds credit card debt (totaling 
$870 billion) and is expected to reach one trillion

[[Page 7483]]

dollars this year. Students graduating from college between 2006 and 
2010 had a median student loan debt of $20,000.
  I am the proud sponsor of H.R. 5801, the Unshackling Students to 
Lead, Excel, Act, Develop and Succeed Act, or the ``U.S. LEADS Act,'' 
which will provide student loan debt relief for recent college 
graduates searching for employment.
  The U.S. LEADS Act, would assist recent college graduates who are 
entering a difficult job market by allowing them to defer payment on 
their federal student loans without accruing interest when the national 
unemployment rate exceeds seven percent, or when the unemployment rate 
for 21-25 year olds exceeds nine percent.
  We know that a college education is one of defining markers in 
determining an individual's economic security. According to the Bureau 
of Labor Statistics, the unemployment rate for the civilian population 
25 years and over with at least a bachelor's degree is 4.2% while the 
rate for individuals with only a high school degree is 10.7%.
  Helping young Americans pursue higher education provides them with 
the most secure pathway to the middle class and is an investment in our 
country's future. Our economy depends on an educated citizenry to out-
compete and out-innovate the rest of the world, and maintaining access 
to a quality and affordable education is central to preserving 
America's status as the global center for academic research and 
technological innovation.
  If my bill were to pass, it would provide relief to more than 25,000 
recent college graduates in my congressional district alone.
  Students who have worked hard and played by the rules deserve the 
peace of mind in knowing that they will not be crushed by the weight of 
their student loan debt if they are unable to retain gainful employment 
as soon as they graduate from college.

                          ____________________