Walz Delivers First Floor Speech in Favor of HR 6
WALZ DELIVERS FIRST FLOOR SPEECH IN FAVOR OF H.R. 6
As a public high school teacher, Rep. Tim Walz (MN-01) regularly sees students who delay entering college or who never get there at all because of the cost. Walz, who is on unpaid leave from his teaching position while he serves in the U.S. House of Representatives, said, "Today's students must compete in a global economy, and Congress has a duty to do whatever we can to ensure our students have the education they need to compete. The best way to both maintain our leadership in the world marketplace and strengthen the American Middle Class is to make college more affordable and accessible for everyone who wants to attend."
Student debt has risen 107% in the last decade, according to a study conducted by US Public Interest Research Group. Additionally, interest rates on student loans have jumped by almost 2 percentage points in the last five years. A separate study by USPIRG notes that the average Minnesota student is saddled with $13,480 in federal subsidized debt.
Today, the House of Representatives fulfilled a promise to America's youth by passing legislation to cut rates on subsidized student loans in half, from 6.8% to 3.4%. H.R. 5, the College Student Relief Act, passed by a vote of 356-71. This proposal cuts the cost of college for an approximately 5.5 million undergraduate students and their families. Fully phased in, this bill would save the typical Minnesota borrower approximately $3,310 over the life of their loan. The bill is fully paid for and meets all pay-as-you-go requirements.
Today, Congressman Tim Walz delivered his first speech in favor of the legislation on the floor of the United States House of Representatives. During his floor statement Walz said, "with this legislation we have the capacity to make the American Dream just a little more attainable for 5.5 million American college students every year. These are students I taught in the classroom, coached on the football field, and trained in my National Guard unit. These students are my priority, and with the passage of this bill, they will once again know that they are the priority of their government in Washington."
http://walz.house.gov/News/DocumentSingle.aspx?DocumentID=55916