[Congressional Record (Bound Edition), Volume 159 (2013), Part 6]
[House]
[Page 8306]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        STUDENT LOAN RELIEF ACT

  (Mr. COURTNEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. COURTNEY. Mr. Speaker, in 19 days, unless Congress acts, the 
subsidized Stafford student loan program interest rate is going to 
double from 3.4 percent to 6.8 percent. Six years ago, we cut that rate 
from 6.8 percent to 3.4 percent.
  So far, the House Republican majority has issued a bill which the 
Congressional Budget Office yesterday determined would actually be 
worse than if we did nothing and allowed the rate to double to 6.8 
percent. It would add $4 billion in added higher interest rate costs to 
students. The Senate Republican bill would add $16 billion in interest 
costs, from the Congressional Budget Office.
  It is obvious what we must do. We must pass H.R. 1595, my bill, which 
has 150 cosponsors, and extend the lower rate of 3.4 percent. It 
obtained 51 votes in the Senate. Last time I checked, that's a 
majority.
  It's time to stand up for college students and families all across 
America, protect the lower interest rates, and get off this kick that a 
variable rate somehow is a solution to the problem. CBO told us 
yesterday it's not. It's worse than doing nothing.

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