[Congressional Record (Bound Edition), Volume 159 (2013), Part 5]
[House]
[Page 7151]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           STUDENT LOAN BILL

  (Mr. THOMPSON of Pennsylvania asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. THOMPSON of Pennsylvania. Mr. Speaker, for too long Congress has 
kicked the can down the road and avoided putting forward a long-term 
plan for college affordability. Yesterday, the House Education 
Committee took a strong step forward by strengthening our student loan 
programs and passing H.R. 1911, the Smarter Solutions for Students Act.
  Absent congressional action, interest rates on student loans will 
double from 3.4 to 6.8 percent on July 1. This bill prevents this from 
happening and ends what has become an annual debate within Congress on 
how to set the rates for student loans, a process that has served 
neither students nor taxpayers.
  H.R. 1911 builds on a proposal put forward by President Obama in his 
fiscal year 2014 budget request which would move to a market-based 
interest rate. The bill would allow students to take advantage of low 
interest rates but also protect them with reasonable rate caps during 
higher rate environments.
  Mr. Speaker, I encourage my colleagues to join in support of this 
bill, which will offer students the lowest possible cost for higher 
education and ensure the solvency of these important programs.

                          ____________________