College Student Relief Act of 2007

COLLEGE STUDENT RELIEF ACT OF 2007

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Mr. LARSON of Connecticut. Madam Speaker, I rise today in support of America's college-bound students. As an original cosponsor of H.R. 5, the College Student Relief Act, I join my colleagues in helping increase the access and affordability of college to over 5 million students.

In today's economy, the key to higher wages is through higher education. Unfortunately, the soaring cost of college education has left many of America's young adults behind. No student should ever be turned away from college for fear of being unable to pay the debt.

The College Student Relief Act of 2007, H.R. 5, makes good on the Democratic pledge for a New Direction for this country. This smart, fiscally-responsible bill would cut the interest rate for undergraduate students with subsidized student loans in half over the next five years, from 6.8 percent to 3.4 percent. H.R. 5 is targeted to help the students most in need, those with subsidized loans from low and middle income families. The bill's cost is offset with six modest reductions in various subsidies to lenders and guaranty agencies.

In my home state of Connecticut, over 33,000 students with subsidized loans would benefit from this bill. For those entering college in 2007, they will save more than $2,000 over the life of their loans. When the rate cut is fully implemented in 2011, students will save over $4,000. This is a substantial savings for students entering our workforce.

Today's legislation is about helping students and their families. The opportunity for a college education should be available to all Americans. As a Nation, we must invest in our youth and insure they have every tool and opportunity to succeed in the global economy. I urge all of my colleagues to join me in supporting H.R. 5.

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