OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

College Cost Reduction Act Of 2007

Floor Speech

Date: July 11, 2007
Location: Washington, DC
Issues: Finance and Banking Higher Education


COLLEGE COST REDUCTION ACT OF 2007 -- (House of Representatives - July 11, 2007)

BREAK IN TRANSCRIPT

Ms. WASSERMAN SCHULTZ. Mr. Speaker, I thank Chairman Miller for his recognition.

I rise in support of the College Cost Reduction Act and want to thank my good friend, the chairman, for his leadership and the members of the committee for their exceptional work.

While I am very supportive of the bill's overall goal, I have a concern that the bill incorporates the Bush administration's proposal to significantly cut the yield on all lenders across the board. Students and parents have saved millions of dollars due to smaller competitive lenders offering consolidation loans at lower interest rates. Greater competition leads to lower prices and more choices for the consumer.

I do want to thank the chairman for his recognition of small lenders. And quite honestly, he's worked very, very hard to get the legislation to this point, and I know he continues to try to do that.

I want to thank the chairman for eliminating the origination fee for small lenders because that's an important part of this bill as well. It will lower interest rates for students in the future. But we must ensure that individuals currently enrolled do not pay more when they're starting to repay their loans.

I look forward to working with Chairman Miller and the ranking member and hope that this matter will be addressed in conference, and I know the chairman has committed to continue to try to do that. We must ensure that we help all students, parents and lenders equally and fairly.

BREAK IN TRANSCRIPT


Source
arrow_upward