Providing For Consideration Of H.R. 2669, College Cost Reduction Act Of 2007

Floor Speech

PROVIDING FOR CONSIDERATION OF H.R. 2669, COLLEGE COST REDUCTION ACT OF 2007 -- (House of Representatives - July 11, 2007)

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Mr. VAN HOLLEN. Let me thank the gentlewoman from Ohio for the time, and thank her for her leadership on education issues.

Mr. Speaker, this is a good day for students around the country, and it is a good day for all Americans, and I commend the Education and Labor Committee for their good work on this legislation.

During the first 100 hours of this new Congress when we passed legislation to cut the interest rates on student loans in half, many of us stood in the well here and said, this is just the beginning. That was an important first step to making college more affordable and giving millions of students a chance to further their educations and to brighten their futures.

We stand here today to take the next step, the largest investment in student loans since the GI Bill. We are keeping the promise that we made to the American people and American students, cutting interest rates on student loans in half and now increasing Pell Grants, raising the cap on low-interest Federal loans and making it easier for students who are being pinched by other costs to pay back the payments on their interest rates and their loans.

In addition, this bill makes it easier for young people to enter public service and serve their communities by extending loan forgiveness to law enforcement officers, first responders, librarians and nurses and giving more assistance than ever to undergraduates who commit to teaching in high-need locations or subject areas. As we make these very vital changes to give more opportunities to students, we do so in a fiscally responsible manner by cutting exorbitant fees to lenders.

Mr. Speaker, by opening the doors to college and maintaining a balanced budget, we are working to ensure the best possible future for our young people. By increasing the opportunity incentive to enter public service, we harness the ability and ambition of our best and brightest. And by helping students achieve advanced degrees, we are ensuring that the United States remains on the forefront of innovation and discovery in an increasingly competitive global economy.

Mr. Speaker, I think we would all agree, there is no better investment that we can all make than in the area of education. Students and middle America are feeling the pinch of rising costs in many areas. This helps provide them greater means to open the door of college and opportunity to more and more Americans.

I encourage my colleagues to join with all of us in taking this very important step for the students of this country and, indeed, for all America.

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