[Congressional Record (Bound Edition), Volume 158 (2012), Part 6]
[House]
[Page 8637]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              STUDENT DEBT

  (Mr. WELCH asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WELCH. Mr. Speaker, in just 23 days, the interest rates on 
Stafford student loans will double from 3.4 percent to 6.8 percent. 
Now, one of the few things that we agree on in this Congress is that 
the low interest rates should be extended, yet we've been unable to get 
across the goal line.
  Congress needs to find the moral imagination and the will to get this 
done before July 1. Every day we wait, we're imposing an immense amount 
of anxiety on students, parents, and the economy.
  Take Brian, from Grand Isle. He has $100,000 in student loans. He's 
got two daughters; they each have $20,000 in debt. His third daughter 
is in school with tuition costs that are up to $40,000.
  Brian is working 65 hours a week, but he can't keep up. He can't even 
begin to think about retirement. It's not an option. He's just trying 
to get from day to day and afford to keep his daughter in college.
  Mr. Speaker, this Congress has 23 days. We're running out of time.

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