Providing for Consideration of Conference Report of H.R. 2669, College Cost Reduction and Acces Act

Floor Speech

PROVIDING FOR CONSIDERATION OF CONFERENCE REPORT ON H.R. 2669, COLLEGE COST REDUCTION AND ACCESS ACT -- (Extensions of Remarks - September 10, 2007)

* Ms. McCollum of Minnesota. Mr. Speaker, I rise in strong support of the conference report for the College Cost Reduction and Access Act (H.R. 2669) and congratulate Speaker Pelosi and Chairman Miller on keeping a key promise of the new Democratic Majority--increasing access to higher education for all Americans.

* The College Cost Reduction and Access Act is the largest investment in higher education since the G.I. bill and at no new cost to the taxpayer. This legislation makes a common-sense choice by cutting excessive subsidies to lenders and investing those dollars in our students.

* H.R. 2669 will make a real difference in the lives of students, families and new graduates. We know that too many students are making the choice to delay home ownership or marriage because of student loan debt. This bill cuts the interest rates on student loans in half and ensures that borrowers have manageable re-payment requirements. In real terms, over 7 million students will save $4,400 over the life of their loans.

* By increasing the purchasing power of the Pell Grant and expanding access to this critical resource, we will help to ensure that qualified students do not delay or refuse college based solely on ability to pay.

* In addition, too many student interested in public service careers cannot pursue them because of the debt to salary ratio after graduation. With the passage of H.R. 2669, upfront tuition assistance is available for students who commit to teachers in high-poverty school districts, and loan repayment will be available for military service members, first responders, nurses, early childhood educators and others.

* Education is a top priority for the 110th Congress. It is an issue that is important to students, families and communities. It is also a critical part of ensuring our global competitiveness and economic stability. I urge my colleagues to support, and the President to sign, this critical bill.

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