Student Aid And Fiscal Responsibility Act Of 2009

Floor Speech

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Mr. CUELLAR. Madam Chair, I yield myself such time as I might consume.

Madam Chair, I rise today in support of my amendment to the Student Aid and Fiscal Responsibility Act of 2009, which I believe is acceptable to the chairman, Chairman Miller.

I surely want to thank Chairman Miller for the leadership that he has provided, and the ranking member, Mr. Kline, for the work that he has been doing in the committee.

Madam Chair, at a time when our Nation's students need it the most, this legislation makes significant changes to student lending, one of the biggest changes that we have seen in years and years. While this bill makes tremendous investments in education, too many potential college students may be unaware of it.

Unfortunately, today, there are many students, especially those who may be first in their families to apply to college or who may come from disadvantaged communities, who are ill-informed about Federal student loans. Many students aren't aware of the opportunities available to them or of the responsibilities that follow from taking out a loan. This lack of information will range from students deciding that college is too expensive to those who default on their loans after graduation.

When you look at some of the States that have been impacted, this particular amendment will call on the Secretary to work with colleges and universities to educate students about the repayment of Federal direct loans, and this amendment will help cut excessive default rates that threaten the eligibility of some of the schools from participating in this student aid program.

My home State of Texas has one of the highest student loan default rates in the country, and financial aid directors in my district have cited a lack of information and outreach as a primary cause. As we make college more accessible to all Americans, we need to make sure that students and their families have the information so they can make reasoned and informed decisions.

This simple but important amendment will lead to increased student awareness, financial aid opportunities, help prevent student loan defaults and increase our country's production of talented graduates. I urge all my colleagues to support it.

I reserve the balance of my time.

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