College Student Relief Act of 2007

COLLEGE STUDENT RELIEF ACT OF 2007 -- (Extensions of Remarks - January 24, 2007)

* Ms. McCOLLUM of Minnesota. Madam Speaker, I rise in strong support of H.R. 5, the College Student Relief Act of 2007. I am proud to be a cosponsor of this important bill, and I congratulate Speaker PELOSI and Chairman MILLER for bringing this legislation to the floor in the first 100 hours. This action is a clear indication that the new democratic majority understands that college affordability is a key part of ensuring our global competitiveness in the future.

* H.R. 5 will cut the interest rate on student loans in half over the next 5 years. This will save students an average of $4,400 over the life of their loan. And because the effort is focused on subsidized loans, the relief will assist those who need it most--low and middle income families.

* The cost of higher education is growing out of reach for too many Americans. Tuition has increased 60 percent at the University of Minnesota since 2000 and student debt loads are skyrocketing. A recent study showed that this debt load is causing graduating students to delay decisions such as buying a home, getting married, or having children.

* The College Student Relief Act is important, not only for students and families, but for our country. If we do not address this problem, by 2020 the United States is projected to face a shortage of up to 12 million college-educated workers. Our strength as a nation has always been the talent and skills of our citizens. To ensure this continues, the most important investment this Congress can and must make is in the education of our people. Access to quality education, including vocational and technical training schools, will prepare a highly skilled workforce to compete in the growing global economy.

* And today we can make an investment in our future without adding to the deficit. H.R. 5 meets the Democrats new pay-as-you-go requirements by increasing efficiencies in the current program and redirecting the savings back to students. This is in stark contrast to the Republican plan last year which cut $12 billion from the student aid program and used those savings to pay for tax cuts for the Nation's wealthiest.

* H.R. 5 is a promise kept and a first step in improving access to higher education. I look forward to working with my colleagues to continue this effort throughout the 110th Congress.

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