[Congressional Record (Bound Edition), Volume 162 (2016), Part 1]
[Senate]
[Pages 1373-1374]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           STUDENT LOAN DEBT

  Mrs. MURRAY. Mr. President, last week I asked students and families 
to share with me their experiences with student loans and college 
affordability, and I want to start by sharing one of those stories. It 
is from a young woman named Rebeckah from my home State of Washington. 
When she was 18, Rebeckah signed up for student loans so she could go 
to college, and her parents took out what are called PLUS loans to help 
their daughter afford it. Rebeckah worked hard in college and graduated 
with her degree. But now she is facing a mountain of student debt, and 
that is preventing her and her partner from buying a house and starting 
a family. Not only that, Rebeckah found out that her parents have been 
taking money out of their retirement savings to pay off their PLUS 
loans, and they have even resorted to taking a lien out on their home 
to pay down the debt.
  Rebeckah said when she enrolled in college, she was sure that getting 
a good education would pay off. But now, with all the overwhelming 
student debt, it feels as if she signed her family up for financial 
ruin.
  When I hear stories like Rebeckah's, it is clear that college costs 
and student debt are holding families back. I consider it to be one of 
my most important jobs as a Senator to make sure Washington State 
families have a seat at the table and a voice in our Nation's Capital, 
and on an issue as important as this, I am going to make sure their 
voices are heard loud and clear here in this Congress. I am going to 
continue to work with my fellow Democrats on ways to make college more 
affordable. I am going to keep fighting to reduce the crushing burden 
of student debt for so many families in my home State of Washington and 
across the country.
  Today, the yearly costs of tuition and room and board at a public 4-
year institution are 5\1/2\ times what they were in the early 1980s. 
There are many reasons that colleges have gotten more and more 
expensive, but the result has been the same. It has strained the 
budgets of middle-class families across the country, and, in some 
cases, it prevents students from even applying and has forced many 
others to drop out before they ever earn a degree. With skyrocketing 
college costs, we are sending the message that college is reserved for 
the wealthiest few and not for middle-class families and those who want 
to get there.
  We have all heard the numbers of student debt. Overall, Americans 
hold more than $1.3 trillion in student loan debt. That is a huge 
number, and it is actually a little hard to wrap your

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head around, so let's try this: Every second that goes by, student debt 
in our country grows by nearly $3,000. That is every second. And behind 
those numbers are people who invested in themselves by furthering their 
education but are now saddled with debt, preventing them from buying a 
home or even starting a small business or a family.
  A young man from Washington State named Alex told me his income 
barely covers his monthly expenses, let alone paying down his student 
loans. He says he feels financially stagnant because ``I don't know if 
I will ever overcome the crippling college debt.''
  I am glad that Democrats have a plan to help students and families 
who are in the red. When more students are able to further their 
education, it doesn't help just them. A highly educated workforce helps 
our economy grow from the middle out, not from the top down, and it 
strengthens the workforce we will need to compete and lead the world in 
the 2lst century economy. That is why Democrats want to give students 
the chance they need to attend community college tuition free.
  Of course, many students and families take out student loans to help 
them finance higher education, but some are locked in with a high 
interest rate. Today, you can find offers to refinance your mortgage at 
3.5 percent or your car loan for around 3.2 percent. I have heard from 
many borrowers who are paying an interest rate that is twice that 
amount, and some are paying even more.
  Democrats want to make sure that borrowers can refinance their 
student loans at today's lower rates. We also want to hold the 
institutions of higher education accountable for providing a high-
quality degree so students have confidence that the education they 
receive and pay for will get them ahead. Democrats want to increase 
investments in need-based aid, such as Pell grants, so students can 
keep up with the rising cost of college.
  It has been just one week since I asked students and families to 
submit their stories online to us, and I want to hear from many more 
because I know there are so many people out there who are struggling. 
But I must admit, I was taken aback by the constant theme that showed 
up in so many of the experiences that I have seen so far. I heard story 
after story from people who said they felt hopeless. They feel buried 
under student debt, and they see no end in sight. It shouldn't have to 
be this way. Democrats are offering solutions, and I sincerely hope our 
Republican friends will join us.
  For me, this isn't just another issue; this is really personal. When 
I was young, my dad was diagnosed with multiple sclerosis. Within a few 
short years, he couldn't work any longer, and without warning, my own 
family had fallen on hard times. My brothers and sisters and I--and I 
have six brothers and sisters--were all able to afford to go to college 
with the help of what we now call Pell grants, and my mom was able to 
get the skills she needed to get a better paying job through a worker 
training program at Lake Washington Vocational School. This country was 
there for us and never turned its back on my family.
  Today, we can't turn our backs on the millions of families just like 
mine who need a path forward to pay back their student debt. These 
students want to stay in school to finish their degree even as the 
costs go up, and they want to one day be able to save up so their kids 
can afford to pursue their dreams.
  It is time to make college more affordable and make sure students can 
graduate without the crushing burden of student debt. It is time for 
Democrats and Republicans to work together on solutions, and it is time 
to reaffirm that, in our country, earning your degree will pay off for 
you, your future, and the future of this country.
  I thank the Presiding Officer.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCAIN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. McCAIN. Mr. President, I ask unanimous consent to address the 
Senate in morning business and to engage in a colloquy with the Senator 
from South Carolina, Mr. Graham.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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